Blackstone Buys Carnival’s Property

The US-based private equity firm Blackstone has bought the Mumbai-based multiplex operator Carnival Group in Chandigarh for Rs 2,200 crore. The commercial property of Carnival is around 1.8 million sqft, including a 1 million sqft mall, a Hyatt Hotel and some office space.

Carnival bought the property from L&T Realty, the real estate arm of L&T (Larsen and Toubro), in 2015 for
Rs 1,785 crore. Carnival made 23 per cent returns from its two-year investment. Now, Blackstone will have a mall portfolio of 4.7 million sq ft.

Blackstone is the largest owner of office space in the country, with a portfolio of 70 million sq ft. It has invested over $3 billion in Indian properties since 2011. Early this year, it bought a 15 per cent stake in the rental arm of K Raheja Corp for
Rs 1,700 crore.

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