TWC Advises Blackstone on Acquisition of Altair Colombo through South City Mall Kolkata
Colombo, Sri Lanka, June 2025 – TWC Development Management (Pvt) 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 Pvt 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, Chief Operating Officer, T W C Development Management, 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.”
Chairman, TWC Holdings, 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 USD 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 revitalization under experienced global ownership and local strategic guidance, signalling renewed confidence in Colombo’s premium real estate.
CAPTIONS
1. COO, TWC Development Management – Theekshana Jayarathna
2. Founder & Chairman, TWC Holdings – Thilan Wijesinghe
MEDIA CONTACT
Ianthe YR | Strategic Marketing | ianthe@quire.lk | 0713 5050 72
ABOUT T W C Holdings
T W Holdings Pvt Ltd (T W C) is a premier investment banking and advisory group, delivering innovative solutions and strategic guidance across a broad spectrum of areas to corporates, State Owned Enterprises, multilateral donors and governments. Founded in 2012 by Thilan Wijesinghe, an accomplished public-private partnerships (PPP) specialist, and entrepreneur, T W C was built on a visionary approach that combines expertise in investment banking, PPPs, policy advocacy and real estate development management. T W C is the only company in Sri Lanka with a management team that has international experience in investment banking and law, founded, managed and exited successful businesses, has a deep understanding of policy and regulatory issues having served in high-level government positions and has advised governments of Bangladesh, Maldives and Sri Lanka on PPPs. T W C also leverages on its expertise in key sectors that are attractive for private sector investment, which has enabled it to build a strong track record of executing landmark transactions valued at over USD 2 billion.
T W C also has extensive experience in real estate development advisory, having led or supported the structuring, execution, and management of high-profile residential, hospitality, and mixed-use projects in Sri Lanka. This includes providing end-to-end support across feasibility, financing, regulatory approvals, and project delivery, making T W C a trusted partner for investors and developers seeking to unlock value in complex real estate ventures.
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