Blackstone to make its largest transaction in India yet, to buy 1 million sq ft retail space from L&T

Blackstone Group, a private equity firm, has emerged as the frontrunner to buy over one million square feet of retail space from Larsen & Toubro.

Blackstone Group and two more entities are eyeing the retail space, which is located at Seawoods in Navi Mumbai. The retail mall will be ready for fit-outs in December and it will be the first phase of commercial development.

L&T Realty, which is looking to exit noncore business, wishes to bag nearly Rs 1,500 crore from this transaction.

L&T Realty sold its Chandigarh commercial property, including Elante Mall, Hyatt luxury hotel and office space, to Carnival Group for Rs 1,785 crore last month.

If the deal between Blackstone Group and L&T materialises, this will be one of the single largest outright transactions for a retail mall anywhere in India, other than Elante Mall, which is spread over 1.5 million sq ft.

Blackstone owns India's biggest portfolio of income-producing office assets and now is eyeing retail spaces.

In September, Blackstone's real estate division agreed to buy all the equity in Gurgaon-based builder Alpha G: Corp for Rs 1,600 crore.

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