Real estate developer @Nitesh_Estates has acquired the 1 Mn sq-ft Plaza Centre Mall in Pune from Elbit Imaging Group owned by Israeli billionaire Mordechai Zisser, for INR 3,000 Mn.
JLL India was the adviser to the deal for the acquisition of the mall spread over 6.5 acres in Koregoan Park, Pune and also a 100,000-sq-ft commercial space and land for future development. On the legal front Amarchand Mangaldas and J Sagar were the advisors.
Plaza Centers had bought out its partner Avinash Bhosale in the Pune project for $20 Mn to gain complete control of the project which had begun as JV.
The realty firm operates a global portfolio of 37 retail assets in Central and Eastern Europe and India, under the brand, Plaza Centers.
In 2008 Elbit established a JV between Elbit Imaging Ltd. and its subsidiary company Plaza Centers N.V. which is named ‘Elbit Plaza India Real Estate Holdings Ltd. (EPI)' for the purpose of developing projects across India. it is currently developing Real Estate projects across Bangalore, Chennai, Kochi and Thiruvananthapuram.
The deal marks the exit of Elbit from retail in India. Nitesh is said to have clinched the deal from other peer in race which included Panchshil Realty and global investor Xander's retail arm Virtuous Retail. Read More..