Global investment bank Goldman Sachs alongwith Bengaluru-based developer Nitesh Estates today announced an agreement to jointly invest in income-producing, commercial real estate assets in India for up to $250 million.
In conjunction with this announcement, Goldman Sachs’ unveiled a financing commitment of $37 million for Nitesh Estates’ acquisition of Koregaon Park Plaza, a 1 million sq. ft., operational shopping mall and future high-end office complex development in Pune.
The tie up between Nitesh and Goldman Sachs follows similar partnerships between Blackstone-Embassy group, GIC-Ascendas among others.
Nitesh Shetty, Chairman and Managing Director of Nitesh Estates, said: “This landmark investment announcement with Goldman Sachs, an experienced investor in Indian and global real estate, will accelerate our firm’s foot print across the country by providing capital where it is needed as well as through acquisitions of existing projects."
Sonjoy Chatterjee, Chairman of Goldman Sachs India, said: “We believe the cyclical recovery in India has begun. The new government is focused on boosting potential growth and removing bottlenecks, which will kick start the investment and consumption cycles leading to enhanced GDP growth. This announcement is consistent with our strategy to invest in sectors critical to India’s development.”
Goldman Sachs is active in investing across different sectors of the Indian economy. Since 2006, the firm has deployed more than $2 billion in India.
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