MUMBAI: Realty player Nitesh Estates says it has tied up with global investment bank Goldman Sachs to jointly invest up to USD 250 million in income generating commercial assets in the country.
“Nitesh Estates, along with Goldman Sachs have entered into an agreement to jointly invest in income-producing commercial real estate assets in India for up to USD 250 million,” a statement issued here said.
Besides this, Goldman Sachs has also committed USD 37 million for the Bengaluru-based firm’s acquisition of Koregaon Park Plaza, a one million sq ft operational shopping mall and future high-end office complex development in Pune.
“This investment announcement with Goldman Sachs, an experienced investor in Indian and global real estate, will accelerate our foot print across the country by providing capital where it is needed as well as through acquisitions of existing projects,” Nitesh Estates Chairman and Managing Director Nitesh Shetty said.
Nitesh Estates acquired the shopping mall for Rs 250 crore.
“Like Koregaon Park Plaza, future target real estate investments will be in leased, income-producing A-grade office buildings and luxury commercial and hospitality facilities throughout India’s tier 1 cities,” he said.
Commenting on the tie-up, Goldman Sachs India Chairman Sonjoy Chatterjee said, “We believe the cyclical recovery in India has begun. The new government is focused on boosting potential growth and removing bottlenecks, which will kick start the investment and consumption cycles leading to enhanced GDP growth.
“This announcement is consistent with our strategy to invest in sectors critical to India’s development.”
Nitesh Estates currently has a residential portfolio of USD 1 billion and a development portfolio exceeding 20 million sq ft divided across four asset classes including residential, commercial, hospitality and retail.
In addition to its base of Bengaluru, the company intends to expand its operations in Chennai, Goa, Hyderabad, the National Capital Region and Pune. -PTI
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