Pune Mall sold to Nitesh Estates for 250 Crore
So after discussions with many potential buyers for over years, Israeli firm Elbit Imaging finally signed the dotted line with Nitesh Estates and sold the 1-million-sq-ft Plaza Centre Mall in Pune for Rs 250 crore.
Initially, The Sahara Group had been eyeing the property and had even signed a memorandum of understanding with Elbit Imaging two years ago, but the deal later fell out. Later, Bengaluru-based Nitish Estates acquired the deal after a year of negotiation. Nitesh Shetty, managing director of Nitesh Estates, confirmed the transaction.
Nasdaq-listed Elbit Imaging is owned by Israeli billionaire Mordechai Zisser. The mall was earlier a joint venture between Plaza Centers India and local businessman Avinash Bhosale. Later Elbit Imagine bought out its partner.
Even though the mall is located in the upscale area of Koregaon Park, it failed to grab eyeballs since it opened in 2012. It now has tenants such as PVR with seven screens, an outlet of Spar, Aditya Birla group super-premium lifestyle retail chain Collective, Swarovski, Calvin Klein and Tommy Hilfiger. Nitesh Estates is looking to build a new portfolio for the mall in few years and could look at listing them as real-estate investment trusts.