Nitesh Estates, a Bengaluru-based real estate developer, is looking to raise about Rs 600 crore for its various upcoming projects as it seeks to expand its presence. The company has planned to gather these funds through the special purpose vehicle (SPV) route in stead of giving up stake in the main enterprise.
L S Vaidyanathan, executive director, Nitesh Estates said: “We will be raising around $150 million through a private equity route in the near future to fund our aggressive expansion plans.”
The company is in the process of developing a one million square feet mall in Bengaluru, which is expected to be the biggest in South India. The mall with the investment of about Rs 400 crore is expected to be ready by end of 2009.
According to a statement from Nitesh Estates, they have already locked up property for rolling out similar retails initiatives in Chennai, Trivandrum, and Cochin. Apart from these, Nitesh Estates will also be setting up super premium retail avenues in the luxury five star hotels it is building in Bangalore and Chennai.