Blackstone Nears $400 Million Deal for India’s South City Mall

Blackstone Inc., one of the largest landlords in India, is nearing a deal to acquire South City Mall in Kolkata for as much as $400 million, according to people with knowledge of the matter.

The $1.1 trillion asset manager, which has deployed $20 billion in office space and hotels in India, is in conversations with financiers to line up funding for the transaction, said the people, who asked not to be identified discussing confidential information.

The shopping mall is owned by South City Projects (Kolkata) Ltd., a joint venture of several real estate developers based in the city, ...