Elante Mall Is All Set To Be Sold To US-based Firm, Blackstone, For Rs. 2,200 crore

First from L&T to Carnival Group and now the real estate giants are again in the final leg of negotiations to shift ownership of Chandigarh’s iconic Elante Mall to Blackstone.

Blackstone is a US-based private equity firm which has expressed its interest in buying Carnival Group’s property in Chandigarh.

The deal size is expected to be of whooping ₹ 2,200 crore, one of the largest commercial property deals this year after private equity (PE) firm Xander group acquired 4.6-million-square-feet (sq ft) Special Economic Zone of Shriram Properties and Sun Apollo, a PE fund manager. Carnival boasts the commercial property of the size about 1.8 million sq ft, including 1-million-sq-ft mall, a Hyatt Hotel, and some office space. In 2015, Carnival bought the property from L&T Realty, an arm of Larsen and Toubro for Rs 1,785 crore, and if this deal is finalised at ₹ 2,200 crore, Carnival Group will make close to 23% profit. 


Blackstone is the largest owner of office space in the country, with a portfolio of 70 million sq ft. It has invested over $3 billion in Indian properties since 2011. Two of its joint ventures, one with Embassy group in Bengaluru, and the second with Panchshil of Pune, are looking to float real estate investment trusts or Reits.
  • Blackstone has steadily built its mall portfolio over the last year and a half. It currently has mall space of 3 million sq ft. Atul Ruia-led Phoenix Mills is the biggest mall owner, with a portfolio of six million sq ft.
  • In 2015, Blackstone acquired AlphaOne malls in Ahmedabad and Amritsar for Rs 800 crore. It has revamped and rebranded the malls since then.
  • Last year, Blackstone bought a 1-million-sq-ft mall in the Seawoods area in Mumbai from L&T Realty for Rs 1,400 crore. According to sources, its mall portfolio is valued at Rs 1,800 crore. Recently, it also bought a 50 per cent stake in West End mall in Pune.


Source: Business Standard

Also Read: VRSA Acquires The Iconic North Country Mall For Rs 700 Crore