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Report: Blackstone to buy 80% stake in Indian mall for 3.10B rupees

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Report: Blackstone to buy 80% stake in Indian mall for 3.10B rupees

Investment bank Goldman Sachs Group Inc. is exiting its investment in Nitesh Estates Ltd.'s shopping center in the Koregaon Park area of Pune, India, at the conclusion of the developer's brewing transaction with Blackstone Group LP, India's Mint reported, citing two people familiar with the matter.

The private-equity giant is reportedly in talks to buy for approximately 3.10 billion Indian rupees an 80% stake in the Nitesh Hub mall, which is still undergoing refurbishment, according to the March 20 report. It followed the diversified developer's March 19 announcement on the Bombay Stock Exchange which revealed that ongoing discussions with an unnamed investor regarding the shopping center are expected to end April 30, the paper noted.

In 2015, Goldman Sachs provided Nitesh Estates with US$37 million to help fund the latter's 2.50-billion-rupee acquisition from Israeli company Elbit Imaging Ltd. of the Park Plaza Centre property, which was later redeveloped and renamed as Nitesh Hub. Goldman Sachs' contribution, according to the publication, was made pursuant to the bank's investment partnership agreement with Nitesh Estates.

One of the sources told Mint that the mall will be transformed into a mixed-use scheme featuring retail and office space, as well as food and beverage and entertainment facilities.

As of March 19, US$1 was equivalent to 65.30 Indian rupees.