Goldman Saachs, Nitesh Estates joint venture to invest Rs 1,600 crore in office projects

NEW DELHI: Bengaluru based builder Nitesh Estates and global investment bank Goldman Sachs have announced an agreement to jointly invest up to $250 million (about Rs 1,600 crore) in income generating commercial real estate assets in India.

"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," said Nitesh Shetty, chairman and managing director of Nitesh Estates.

Along with this joint venture, Goldman Sachs has also provided a financing commitment of $37 million (about Rs 237 crore) for Nitesh Estates’ acquisition of Koregaon Park Plaza, a one-million sq ft operational shopping mall and future high-end office complex development in Pune.