Blackstone acquires unsold units in Sri Lanka’s Altair as it buys India’s South City Mall
EconomyNext: US private equity firm Blackstone is said to have acquired unsold apartments in Sri Lanka’s Altair project, as it bought Kolkata’s South City Mall, which originally promoted the project in the island.
Blackstone bought South City Mall for 3,250 crore Indian rupees, MilleniumPost.com said, quoting a statement by Anarock group, a consultancy which advised Blackstone.
The deal was a “benchmark in cross-border real estate transactions, reflecting investor confidence in high-performing retail and luxury residential sectors across South Asia” the report quoted Anuj Puri, chairman of Anarock as saying.
OSL take:
The latest purchase of apartment units in one of Sri Lanka’s luxury apartment complexes in the country’s commercial capital, Colombo, along with a large-scale investment in India is indicative of the increasing business/investment opportunities in Sri Lanka due to its strategic positioning in the Indian Ocean in close proximity to India. With India’s fast growing economy and the interest of many foreign businesses/investors to engage with the country, neighbouring Sri Lanka presents the ideal destination for foreign entities to set up bases to engage with India. The close bilateral and trade ties enjoyed by Sri Lanka with India and the free trade agreement (FTA) between the two countries make Sri Lanka the ideal venue for foreign businesses/investors to set up bases to engage with India using the preferential treatment enjoyed by Sri Lanka with India. Also, the economic developments in India present many business/investment opportunities for Sri Lankan businesses as well. While Sri Lankan businesses already operating in India could further expand operations, more local businesses could enter India through collaborations with Indian businesses. Given the success stories of many Indian businesses operating in Sri Lanka, more Indian businesses/investors could explore the expanding business/investment opportunities in Sri Lanka.
| Article Code : | VBS/AT/20250620/Z_6 |