Nitesh Estates buys Pune's Plaza Centre Mall for Rs 300 crore: Sources

BANGALORE: Southern developer Nitesh Estates, which built India's first Ritz Carlton hotel, has bought Israeli billionaire Mordechai Zisser's 1-million-sq-ft Plaza Centre Mall in Pune for Rs 300 crore, according to at least three sources aware of the matter.

Zisser's diversified conglomerate Elbit Imaging Group, through its subsidiary Plaza Centers, operates a global portfolio of 37 retail assets in Central and Eastern Europe and India, under the same brand.

The acquisition of the Pune project, spread over 6.5 acres in Koregoan Park, by Nitesh Estates marks Elbit's exit from retail in India after having invested in prime land parcels prior to the 2008 meltdown.

Global consultancy firm JLL India was the adviser to the deal, which also included a 100,000-sq-ft commercial space and land for future development. Amarchand Mangaldas and J Sagar were the legal advisers to the transaction, which will be formally announced in the coming weeks. Nitesh Shetty, the 37-year-old founder of the Bangalore-based property firm, muscled out other bidders Panchshil Realty and global investor Xander's retail arm Virtuous Retail.