Global investment firm Blackstone Group Lp’s India subsidiary Nexus Malls is set to launch its first shopping mall in the country in Seawoods, Navi Mumbai, expanding its retail portfolio.
Blackstone had bought about 1 million sq. ft of retail space in the Seawoods Grand Central Mall in 2016 from L&T Realty Ltd for Rs1,450 crore.
Nexus Malls was set up in June 2016 to own and manage shopping malls in the country. Typically, Blackstone buys out malls, which are then owned and run by Nexus. It has so far bought three other operational malls—Ahmedabad One (earlier known as AlphaOne Ahmedabad) and Mall of Amritsar (earlier AlphaOne Amritsar) from realty firm Alpha Corp., and a 50% stake in Westend Mall in Pune.
Read more: Live Mint