Blackstone to acquire majority stakes in Nitesh Hub

Nitesh Estates is planning to sell majority stake of Nitesh Hub in Pune to private equity major Blackstone Group.

Nitesh Hub located in Koregaon Park, Pune is a high-end retail property owned by Nitesh Estate. Nitesh Estate and Goldman Sachs had jointly invested approximately Rs. 250 million to develop the property. The deal with Blackstone Group is expected at Rs. 300 crore for around 80 per cent. The mall would be converted to a mixed-use property with both office and retail space.

The company had filed a notification with the exchanges informing that it's in talk with various investors for selling the assets. The company expects to close the deal by the end of April.

Meanwhile, the stock of Nitesh Estate was trading at Rs. 12.16 per share, up by 4.92 per cent, while the benchmark index was at 33,026.24, up 103.12 points or 0.31 per cent on Tuesday.