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Blackstone in talks to buy three malls to push retail realty play

US-based private equity major Blackstone Group is stepping up efforts to spread its retail real estate assets footprint across the country and is currently in talks to acquire three retails malls. These proposed acquisitions spread over around 2 million sq ft will push Blackstone’s retail portfolio from 5.1 million sq ft to over 7 million sq ft, making it the largest retail mall operator in India. “To support the next level of growth in retail portfolio, Blackstone is eyeing opportunities in both tier-I and -II cities. The sizes of these assets vary from 2 lakh sq ft to 1 million sq ft, depending on the location that makes them commercially viable,” said one of the persons mentioned above.

Source :- ET Realty