Bangalore-based developer Nitesh Estates has announced its entry into the Pune market with the acquisition of the one-million sq. ft. Koregaon Park Plaza shopping centre. With this takeover, Nitesh Estates’ retail real estate portfolio is now 2.2 million sq. ft. The company is currently developing a 1.2 million sq. ft. shopping centre in the upmarket locale of Indiranagar in Bangalore.
Koregaon Park Plaza was developed by Plaza Centers India (owned by Elbit Imaging Ltd of Israel) and opened in 2012. The shopping centre contains 130 retail stores, an extensive food court and can house around 1000 cars in the parking space. The mall already has a PVR cinema with 7 screens and a Spar supermarket along with vanilla tenants including Tommy Hilfiger, The Collective, M.A.C, Calvin Klein, U.S. Polo Assn., Swarovski and Crossword, among others.
Ashwini Kumar, Executive Director & COO, Nitesh Estates said, “Over the years, Pune has emerged as an important real estate market. We are delighted to acquire this top quality asset and build our shopping portfolio. Koregaon Park shopping mall is undergoing a refurbishment and will soon sport a new food court in addition to fine dining restaurants. The changes will take place while the mall remains operational. Nitesh Estates plans to bring their legacy of design driven and cutting edge facades fashioned by one of the best architects for the mall makeover.”