Real estate developer Nitesh Estates (NEL) is planning to move beyond its home turf Bengaluru to explore opportunities in Goa, Chennai and Kochi, and set up income-generating projects such as office space and malls. The move follows a $300-million investment deal between Goldman Sachs and Nitesh Estates (NEL) to focus on income-generating assets to spur growth.
Currently, Nitesh Estates has 20 projects which a revenue potential of Rs 4,600 crore, Ashwini Kumar, executive director and chief operating officer, NEL told FE.
Nitesh Estates and global investment bank Goldman Sachs had sealed an agreement in May to jointly invest in income producing commercial real estate assets, namely, office buildings, shopping malls and luxury hotels across India. Under this arrangement, Goldman Sachs will make investments through Nitesh Estates SPVs, associates, subsidiaries and JVs. The partnership is a significant development and will increase the asset base of the company in next 3 to 5 years.