After office space, Blackstone to become largest mall owner

The PE firm is in talks with L&T Realty to buy the latter's two malls in Hyderabad

After becoming the largest owner of office properties in the country, US private equity (PE) firm Blackstone could also become the largest owner of malls soon.

Currently, Mumbai-based Phoenix Mills is the largest owner of malls, with an area of six million sq ft, while Blackstone has between four and five million sq ft.

The PE firm is in talks with L&T Realty, the property arm of construction and engineering giant Larsen & Toubro, to buy the latter’s two malls in Hyderabad, which are part of the Hyderabad Metro Rail Project, said a source in the know.

The two malls could fetch Rs