Elbit Imaging Ltd (EMITF)

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Nitesh Estates to buy Pune mall for Rs 300cr


[Yet an additional step towards recovery]

The acquisition of the Pune project, spread over 6.5 acres in Koregoan Park, by Nitesh Estates marks Elbit’s exit from retail in India after having invested in prime land parcels prior to the 2008 meltdown.

Boby Kurian & Anshul Dhamija, TNN | Sep 15, 2014, 12.47AM IST

BANGALORE: Southern developer Nitesh Estates, which built India's first Ritz Carlton hotel, has bought Israeli billionaire Mordechai Zisser's 1-million-sq-ft Plaza Centre Mall in Pune for Rs 300 crore, according to at least three sources aware of the matter.

Zisser's diversified conglomerate Elbit Imaging Group, through its subsidiary Plaza Centers, operates a global portfolio of 37 retail assets in Central and Eastern Europe and India, under the same brand.

The acquisition of the Pune project, spread over 6.5 acres in Koregoan Park, by Nitesh Estates marks Elbit's exit from retail in India after having invested in prime land parcels prior to the 2008 meltdown.