Nitesh Estates pays ?450 crore debt
Bengaluru-based Nitesh Estates Ltd has sold a 21,000 sq. ft residential plot for ?55 crore in the city’s upscale Cunningham Road as part of its effort to pare debt and exit residential projects. With the transaction, signed on Monday, Nitesh Estates has repaid ?40 crore borrowed from HDFC Ltd, the company said. The plot was sold to a high net-worth individual investor, whose details were not disclosed. Nitesh Estates, in March, sold the Plaza Centre Mall in Pune, comprising 1 million sq.ft, to Era Realty Pvt Ltd, part of ABIL Group. Goldman Sachs Investments (Mauritius), an investor in the development, has exited with this deal, the company said. Nitesh Estates, which had a net debt of ?1,500 crore as of 31 December, has cut it by around ?450 crore through these two deals.
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