Bangalore-based property developer Nitesh Estates, today announced that it has bought Koregaon Park Plaza, a shopping mall, in Pune’s Koregaon Park area for Rs 250 crore from Israeli firm Elbit Imaging.
With this acquisition Nitesh Estates' shopping mall portfolio is now 2.2 million sq. ft. They are currently developing 1.2 million sq. ft. shopping mall in Indiranagar in Bangalore. In 2013, Nitesh Estates ventured into hospitality and opened India’s first Ritz Carlton hotel in Bangaluru.
“Over the years, Pune has emerged as an important real estate market. We are delighted to acquire this top quality asset and build our shopping portfolio. Koregaon Park shopping mall is undergoing a refurbishment and will soon sport a new food court in addition to fine dining restaurants. The changes will take place while the mall remains operational. Nitesh Estates plans to bring their legacy of design driven and cutting edge facades fashioned by one of the best architects for the mall makeover,” said Ashwini Kumar, Executive Director & COO, Nitesh Estates.
Property advisory Jones Lang LaSalle, India was the transaction advisor. The mall has not been doing very well since it became operational in 2012. It now has tenants such as PVR with seven screens, an outlet of Spar, Aditya Birla group super-premium lifestyle retail chain Collective, Swarovski, U S Polo Assn, M.A.C, Calvin Klein and Tommy Hilfiger.