Global investment bank Goldman Sachs and Bengaluru-based property developer Nitesh Estates announced an agreement to jointly invest in income-producing, commercial real estate assets in this country. Both will invest up to $250 million (about Rs 1,600 crore) in the venture.
Goldman Sachs will also invest $37 mn (Rs 235 crore) towards Nitesh Estates’ acquisition of Koregaon Park Plaza, a million sq ft and operational shopping mall and future high-end office complex development in Pune.
The tie-up follows similar partnerships between Blackstone-Embassy group and GIC-Ascendas, among others in the country.
Nitesh Shetty, chairman and managing director of Nitesh Estates, said: “This landmark investment announcement with Goldman Sachs, an experienced investor in Indian and global real estate, will accelerate our firm’s footprint across the country by providing capital where it is needed, as well as through acquisitions of existing projects.”
Sonjoy Chatterjee, chairman of Goldman Sachs India, said: “We believe the cyclical recovery in India has begun. The new government is focused on boosting potential growth and removing bottlenecks, which will kickstart 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.”
Goldman Sachs has been investing across sectors in the Indian economy. Since 2006, it has deployed a little more than $2 billion (Rs 12,750 crore) in India.