The world’s largest private equity manager Blackstone Group has entered India’s retailing sector by setting up a fully owned subsidiary Nexus Malls. The new entity will own and manage shopping centres in Asia’s third largest economy with a focus on turning around underperforming malls in the country.
Nexus has already acquired AlphaOne malls in Ahmedabad and Amritsar having a combined 1.3 million sq ft retailing space, and has a pipeline of deals to double the portfolio to 2.5 million sqft by the end of the current calendar, people directly aware of the matter said. Globally, Blackstone owns more than 1,000 malls across US, Europe and Asia Pacific. It controls Brixmor, a mall owning platform in the US, and a similar entity called Multi, which operates shopping centres in 14 European markets. Blackstone is expected to make a formal announcement on Nexus Malls later this week. When contacted, a Blackstone spokesperson declined to comment.