TWC advises Blackstone on acquisition of Altair Colombo through South City Mall Kolkata

Friday, 18 July 2025 00:04 - - {{hitsCtrl.values.hits}}

TWC Holdings Founder and Chairman Thilan Wijesinghe

TWC Development Management COO Theekshana Jayarathna

TWC Development Management Ltd., the real estate advisory arm of TWC Holdings, served as the lead technical and strategic adviser to global private equity leader Blackstone in its acquisition of Indocean Developers Ltd., (IDPL), the developer behind the Altair Colombo apartment and retail complex. The acquisition of IDPL was part of a larger transaction that also included South City Mall, one of India’s most prominent retail destinations.

The change in ownership brings new institutional strength to Altair, with global investment firm Blackstone acquiring full control of South City Projects (Kolkata) Ltd., the parent company of IDPL. TWC played a pivotal role in supporting this acquisition, offering comprehensive advisory services spanning technical due diligence, market analysis, regulatory review, and long-term asset strategy for the Colombo property.

Designed by world-renowned architect Moshe Safdie, Altair is a landmark on Colombo’s skyline, comprising luxury apartments and a 33,000 sq. ft. retail component. TWC’s engagement included in-depth research on the unsold inventory and value potential in Colombo’s high-end residential market.

Commenting on the acquisition, TWC Development Management Chief Operating Offcier (COO) Theekshana Jayarathna, who lead the advisory team, stated: “As the new shareholders assume responsibility for Altair, our priority is to ensure the building continues to deliver value for its current and future residents. TWC will remain closely involved in guiding operational and strategic decisions at IDPL.”

TWC Holdings Chairman Thilan Wijesinghe noted: “This transaction highlights the strength of TWC in advising leading global investors on entering Sri Lanka’s real estate sector. TWC is the only company in Sri Lanka that has a team with hands-on experience in developing all classes of real estate assets, complemented with a team that understands investment policy and financial structuring.”

Wijesinghe, who also serves as the only non-Indian Board Director of Ventive Hospitality Ltd—a $ 2 billion hospitality platform listed on India’s National Stock Exchange and backed by Blackstone and the Panchshil Group—added that Ventive is actively exploring resort developments in Sri Lanka.

With this acquisition, Altair is poised for a new phase of revitalisation under experienced global ownership and local strategic guidance, signalling renewed confidence in Colombo’s premium real estate.

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