Nitesh Estates sells its 1-million sq ft shopping mall to Era Realty
Realty developer Nitesh Estates has sold its 1-million-sq-ft shopping mall in Pune’s Koregaon Park and reduced consolidated debt by Rs 407.88 crore. Through this deal, Goldman Sachs Investments (Mauritius), an investor in this development has been given its exit on debentures. With this de-leveraging, the company has brought down its net consolidated debt by over 30%. The company has also announced its strategy focus, going forward, will only be on commercial offices, warehousing, data centre, hotels and other rent-yielding assets. It has decided to exit residential property business. The mall was sold to Era Realty, which is a part of the ABIL Group, the company said in a regulatory filing.
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