NEXUS MALLS AC­QUIRES CHANDI­GARH’S ELANTE MALL

Shopping Center News - - NEWSMAKER NATIONAL -

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.

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