BLACK­STONE BUYS 75 PC STAKE IN FO­RUM’S BHUBANESWAR MALL, ES­PLANADE

Shopping Center News - - NEWSMAKER NATIONAL -

As per a re­port in a ͤnan­cial daily, global pri­vate eq­uity gi­ant Black­stone Group has bought a ma­jor­ity stake in a re­tail pro­ject of real es­tate de­vel­oper Fo­rum Group. The Business Stan­dard re­ports that the PE ͤrm has in­vested about `250 crore for a 75 per­cent stake in re­tail space Es­planade Mall in Bhubaneswar. Fo­rum is investing `1,400 crore to de­velop about three mil­lion square feet of re­tail space in the eastern part of In­dia. The group is talk­ing with Black­stone for in­vest­ments in other re­tail projects, the re­port added. Ac­cord­ing to the news re­port, Fo­rum Group is also in talks with Black­stone to sell stake in more of its re­tail projects.

“We will be de­liv­er­ing roughly one mil­lion square feet of re­tail in­fra­struc­ture de­vel­op­ment ev­ery year for the next three years. We ex­pect the joint plat­form with Black­stone will ac­quire more such prop­er­ties in the fu­ture,” Vidyut Saraf, deputy manag­ing direc­tor, Fo­rum Group told the news pa­per. Fo­rum is investing `1,400 crore to de­velop about three mil­lion square feet of re­tail space in the eastern part of In­dia. The group is talk­ing with Black­stone for in­vest­ments in other re­tail projects, the re­port added.

Kolkata-based Fo­rum Group had said last year that the Es­planade Mall would be spread over 0.9 mil­lion sq.ft. and would have a built-up space of 450,000 sq.ft. at an in­vest­ment of `500 crore. Fo­rum Es­planade is com­ing up at Ra­sul­garh, a strate­gi­cally lo­cated ar­eas in the city and is be­ing built by Leighton, a ma­jor con­struc­tion and con­tract­ing com­pany based out of Aus­tralia. It would house around 150 op­er­a­tors in sec­tors like re­tail, food and en­ter­tain­ment. Fur­ther, the mall would count Mex­i­can mul­ti­plex chain Cinepo­lis as one of its key an­chor ten­ants.

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