Nexus Malls, an Indian subsidiary of Blackstone Group, is ready to launch its first shopping mall at Seawoods in Navi Mumbai. With this, Blackstone will now have a total of 2.8 million sq. ft. of shopping mall space in the country.
The mall is going to be developed in an area of 1 million sq. ft. in the Seawoods Grand Central Mall which was acquired by the American financial services firm for Rs 1,450 crore in 2016. This can be seen as another new venture of Blackstone Group in India as the company, till 2016, has been buying and managing shopping malls such as Ahmedabad One and Mall of Amritsar. The Seawoods Grand Central Mall is Nexus’s first retail sector development project.
As per the plan, the mall is set to go for a soft launch by the end of the month with 80 brands and later, the number of brands will increase to 160 in a few months, confirms by Nirzar Jain, Senior VP, Operations, Nexus Malls.
The Seawoods Grand Central Mall is part of a transit-oriented development project built in the vicinity of the Seawoods-Darave railway station. In the first phase, the mall will launch around 800,000 sq. ft. of retails space and rest 200,000 sq. ft. of space is scheduled to launch in the second phase.
Source: Live Mint