Blackstone Group-backed Nexus Malls buys Chandigarh’s Elante Mall

Chandigarh, July 27

Nexus Malls, subsidiary of investment firm Blackstone Group, on Thursday said it has acquired one of the biggest real estate projects of Chandigarh, Elante Mall, from Mumbai-based Carnival Group for an undisclosed sum.

The deal includes Elante Mall, Hyatt luxury hotel and business park, set up on over 21 acres here.

“We have acquired Elante Mall, Hyatt hotel and business park this month,” Nexus Malls Executive Director, Anil Malhotra said here on Thursday.

However, he declined to share the size of the deal.

This is the second time that the ownership of Elante Mall and other properties changed hands.

Earlier, the Carnival Group had acquired this property from engineering and construction major Larsen & Toubro for about Rs 1,700 crore in 2015.

Elante Mall has 221 shops with a mix of domestic and international brands, besides restaurants.

It also has an entertainment zone with a multiplex and a food court that caters to customers.

Nexus Mall has seven assets comprising WestEnd Mall, Pune, Mall of Amritsar, Ahmedabad One in its portfolio and owns about 4.5 million square feet of retail space. — PTI