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Report: Lodha in separate talks with Blackstone, GIC, Xander for mall sale

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Report: Lodha in separate talks with Blackstone, GIC, Xander for mall sale

Lodha Developers is in separate talks to sell XPeria Mall in India's Palava City to Blackstone Group LP, GIC Pte Ltd. and Xander Group, Livemint reported, citing two people familiar with the matter.

One source told the news outlet that a leading global real estate adviser was hired to market the property, and a potential deal could range from 6.00 billion to 7.00 billion Indian rupees. Citing a Lodha Group spokesperson, Livemint said several marquee investors expressed interest in investing in the mall, and the company is weighing offers for a partial stake sale.

The mall spans more than 500,000 square feet and features 135 stores, including PVR, Marks & Spencer, Big Bazaar, Reliance Digital, Reebok, Adidas, Allen Solly, Biba, Subway, Moti Mahal, Metro and Lenovo.

A spokesperson for Blackstone declined to comment, and GIC and Xander did not immediately respond to emails, according to the report.

As of Dec. 13, US$1 was equivalent to about 64.39 Indian rupees.