| Log in

HDFC Property Ventures To Pick Up Stake In Banglore's Nitesh Mall

10 August, 2008

HDFC Property Ventures, the real estate investment arm of the bank, is picking up a stake in South India’s largest central business district mall in Banglore for $25 million. The 6-lakh sq ft Nitesh Mall, being developed by Nitesh Estates, has an estimated value Rs 300 crore ($75 million). HDFC Property Ventures is expected to pick up around 20-25 per cent stake, reports Economic Times. This will be HDFC Property Ventures first investment in the retail infrastructure infrastructure segment.

 

Nitesh Mall, which is coming up in 5.5 acre land, is coming up near hotel Leela Palace in Indiranagar, the reatil hub of Banglore. The mall is being designed by Seattle-based architecture firm Callison and is expected to be ready by the end of next year. It is also planning to develop mall projects worth around $300 million in Chennai, Thiruvananthapuram and Kochi. For this Nitish Estates has tied up with Citigroup and plans to roll out these projects in the next 2-3 years.

 

Nitesh Estates has raised private equity funding previously on two occasions. It received $100 million funding from Citigroup Property Ventures for its hotel project in Banglore, where its developing a Ritz-Carlton. New York-based hedge fund Och Ziff Capital had also picked up 25 per cent stake in Nitesh Estates for $51 million. The group’s Out-of-home advertising arm, Serve & Volley, was also in talks with ICICI Ventures, Goldman Sach and Lehamn Brothers to raise around $75 million.

HDFC Property Ventures is a $800 million fund registered in Mauritius, and has been raised from 28 foreign investors. In April this year, HDFC Property Ventures had picked up 45 per cent stake in Mumbai-based developer Lodha group’s realty project in Hyderabad for Rs 250 crore ($62.5 million). It has also invested Rs 40 crore in Sterling Developers’ multi-purpose property development project in Bangalore. It has also picked up stake in two subsidiaries of Godrej Properties. HDFC Property Ventures has also reportedly tied up with retail giant Carrefour.


Leave Your Comment
News Roundup: HDFC Realty Fund Exits Bangalore Mall Project

News Roundup: HDFC Realty Fund Exits Bangalore Mall Project

TEAM VCC 7 years ago
BCCL Eyes IPO In Two Years – Bennett, Coleman & Co., publisher of the...
Nitesh Estates to buy back 10.1% stake in residential projects arm from HDFC AMC for $8.3M

Nitesh Estates to buy back 10.1% stake in residential projects arm from HDFC AMC for $8.3M

Bhawna Gupta 5 years ago
Bangalore-headquartered property development and management company Nitesh...
PE Fund To Part Exit Nitesh Estates In IPO

PE Fund To Part Exit Nitesh Estates In IPO

Pallavi S 8 years ago
AMIF, an arm of Och Ziff , is selling around 6.8 million shares ...
No Comments

HDFC Property Ventures To Pick Up Stake In Banglore's Nitesh Mall

Powered by WordPress.com VIP