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.
Koregaon Park Plaza built on
European concept, launched on 2nd March 2012 is a world class attraction with a
premium retail mix and the epitome of "shop entertainment" where
visitors will find a host of wonderful, engaging activities. The retail
positioning of the mall is mirrored by its location in the heart of Pune, at
Koregaon Park. This combination of centralised location and the mall’s world
class architectural features positions Koregaon Park Plaza as an appealing
destination for tourists & shopaholics of Pune.
With a total project size
(Shopping Centre & Office Space) of 110,000 sqm it has a retail space of
120 outlets with international brands like The Collective, L’occitane, Mac,
Clinique, OVS Retail, Paris Hilton, Kitsch, Tommy Hilfiger, Swarovski, FCUK,
CK, Adolfo Dominique etc.. Major Anchors consist of renowned brands like PVR-7
screen multiplex, Blu-o, Spar and Shoppers Stop. The Food Court also features
various outlets like KFC, Subway, Mad About China, Indian Tadka, Madras Mail,
New Zealand Naturals and Fine Dining Restaurants like Cafe Mangi, Indian Brew
House, Rajdhani to name a few. This entire mix of brands makes Koregaon Park
Plaza a unique destination where shopping, leisure & entertainment are
synonymous with the elegant and unsurpassed style and luxury the mall offers.
Koregaon Park Plaza is a joint
venture of Elbit Imaging and Plaza Centres(EPI). EPI is formed to establish
real estate activities in India. EPI started its Indian operations in 2006 and
currently employs 50 people as its core team. The group is at present
developing 6 projects in Pune, Bangalore, Chennai and Kochi. The company has
invested Rs.1400 Cr in India. Headquartered in Bangalore, EPI channelizes the
group's investments in India with the main focus on the development of major
mixed use residential projects, shopping centers, hotels and entertainment
centers. The company also has a branch office in Pune. By replicating the
successful know how in engineering, marketing and management from Central
Eastern Europe (CEE) to India, coupled with strategic local partnerships and
strong financial stability, Elbit Plaza India Real Estate looks forward to
emerge as a key player in the Indian real estate development arena.
The Plaza Centers Group is a
leading emerging markets developer of shopping and entertainment centres,
focusing on developing new centres and, where there is significant
redevelopment potential, redeveloping existing centres, in both capital cities
and important regional centres. The Group has been present in the Central and
Eastern Europe region ("CEE") since 1996 and was the first to develop
western-style shopping and entertainment centres in Hungary.
The Company is an indirect
subsidiary of Elbit Imaging Ltd. ("EI"), an Israeli public company
whose shares are traded on both the Tel Aviv Stock Exchange in Israel and the
NASDAQ Global Market in the United States. Elbit Imaging Ltd. is a subsidiary
of Europe Israel (M.M.S) Ltd. EI's activities are divided into the following
principal fields:(i) Initiation, construction, and sale of shopping and
entertainment centers and other mixed-use real property projects, predominantly
in the retail sector, located in Central and Eastern Europe ("CEE"),
and in India.
Source: The Times of India:
http://timesofindia.indiatimes.com/business/india-business/Nitesh-Estates-to-buy-Pune-mall-for-Rs-300cr/articleshow/42477373.cms
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