BLACK­STONE TO BUY 85 PC IN NITESH’S PUNE MALL FOR `300 CRORE

Shopping Center News - - NEWSMAKERS NATIONAL -

As per a re­port in The Times of In­dia, pri­vate eq­uity ͤrm Black­stone is set to buy an 85 per­cent stake in south­ern prop­erty de­vel­oper Nitesh Es­tates’ mall in Pune for ap­prox­i­mately `300 crore. New York-based Black­stone, which is build­ing a port­fo­lio of shop­ping malls as part of its bet on rent-yield­ing real es­tate, will ac­quire shares held by Gold­man Sachs in ‘Nitesh Hub’. Nitesh will re­tain the re­main­ing 15 per­cent in the one mil­lion sq ft mall.

This will be Black­stone’s third part­ner­ship deal with a Ben­galuru de­vel­oper af­ter strik­ing in­vest­ments with Em­bassy Group and Salarpuria Sattva for ten­anted ofͤce spa­ces. One of the sources said Black­stone was likely to re-pur­pose Nitesh Hub (for­merly known as Kore­gaon Park Plaza), bring­ing in a big­ger mix of ofͤces — es­pe­cially co-work­ing spa­ces — in the ten­ancy mix As per the re­port, Gold­man Sachs is ex­it­ing the nearly three-year-old in­vest­ment with a gain of over $10 mil­lion, or `70 crore, sources added. TOI re­ported in Jan­uary that Nitesh Es­tates was in talks with China’s Fo­sun Group for a cap­i­tal in­fu­sion of about `800 crore at the en­tity level.

Black­stone en­tered the re­tail space in the coun­try less than two years ago by set­ting up a fully owned sub­sidiary, Nexus Malls. It has been mop­ping up stake in re­tail as­sets in re­cent past, which in­clude malls such as Trea­sure Is­land in In­dore, Elante Mall in Chandi­garh, Sea­woods Grand Cen­tral in Navi Mum­bai from L&T, and the Al­pha One in Am­rit­sar and Ahmed­abad.

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