Nitesh Estates to See Investments from Citi Group

October 9, 2007	(2 votes, average: 5 out of 5)  Loading ...
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Citigroup is planning to invest around $250 million in Bangalore based real estate company Nitesh Builders. However, the exact stake could not be determined.

The deal involves setting up at least five luxurious hotels. And, it is believed to be the largest deal in India’s hospitality sector. Citigroup Property Investors will put in directly from global fund into holding entity Nitesh Estates and Special Purpose Vehicles (SPVs).  The project may also involve development of shopping malls.

Citigroup is considering acquiring a minor stake in the holding company and will hold some stakes in individual SPVs to start a chain of hotels.

The deal is exclusive of Nitesh’s much talked Ritz-Carlton property. Nitesh Builders is also looking forward to develop hotels in Goa, Kochi, Chennai and Kolkata.

At present, Nitesh Builders hold over 8 million sq ft under development. The properties include commercial, residential as well as retail. The group is taking up the construction and infrastructure with separate entities being set up for the same.

News Published Under:   Real Estate Developers |

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