NEXUS MALLS ACQUIRES CHANDIGARH’S ELANTE MALL
Nexus Malls, subsidiary of investment firm Blackstone Group, has acquired one of the biggest real estate projects of Chandigarh, Elante Mall, from Mumbai-based Carnival Group for an undisclosed sum. The deal includes Elante Mall, Hyatt luxury hotel and business park, set up on over 21 acres in the city. “We have acquired Elante Mall, Hyatt hotel and business park this month,” Executive Director, Nexus Malls, Anil Malhotra was quoted by news agency PTI as saying.
This is the second time that the ownership of Elante Mall and associated properties has changed hands. Earlier, the Carnival Group had acquired this property from engineering and construction major Larsen & Toubro for about `1,700 crore in 2015. Elante Mall has 221 shops with a mix of domestic and international brands, besides restaurants. It also has an entertainment zone with a multiplex and a food court that caters to customers. Nexus Mall has seven assets comprising WestEnd Mall, Pune, Mall of Amritsar, Ahmedabad One in its portfolio and owns about 4.5 million square feet of retail space.