Nitesh Estates in talks to acquire Plaza Centre Mall in Pune

Bangalore-based real estate major Nitesh Estates is in talks with the owners of Koregaon Park Plaza‚ Pune to acquire its retail division Plaza Centre Mall, the company said in a BSE statement.  

The company filed a clarification on BSE in response to a news item appeared in The Times of India. The report quoting sources said the realtor has bought Israeli billionaire Mordechai Zisser's 1-million-sq-ft Plaza Centre Mall in Pune for Rs 300 crore.

While the developer has issued a statement saying discussion are on with the present owners of the Pune mall and due diligence is under progress, it did not specifically mention about the amount.

The mall forms a part of Koregaon Park Plaza which is a mixed use project that features a shopping centre and a high-end office complex. The total project size (shopping centre and office space) is 110,000 sq m. Koregaon Park Plaza, Pune is being developed by a joint venture between Elbit Imaging Ltd and its subsidiary Plaza Centers N.V. called Elbit Plaza India Real Estate Holdings Ltd. The JV was formed in 2008.

Established in 1996, Elbit Imaging is an Israel-based company that has interests in commercial and entertainment centres, hotels, residential real estate, bio and medical devices, retail and others. 

Elbit has been an active player in India since 2006, focusing on the planning & development of residential, commercial (offices) and retail (shopping centres) projects across India. Headquartered in Bangalore with an additional office in Pune, the company is in various stages of developing six real estate projects across five major Indian cities namely Bangalore, Chennai, Kochi, Pune and Thiruvananthapuram.

For Nitesh Estates, it could mean an addition in their commercial and retail real estate portfolio. The developer, which is present across four asset classes, has more than 20 million sq ft of premium living, retail and work spaces under various stages of development. This will add to the existing commercial portfolio of the developer which includes five office and retail buildings namely Broadway, Timesquare, Lexington Avenue, plaza and Nitesh Mall.

(Edited by Joby Puthuparampil Johnson)

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