Goldman Sachs & Nitesh Estates to Invest up to Rs. 1,600 cr in Realty

Seeing the emerging business potential in the real estate sector with the government's increased focus on infrastructure development, boosting potential growth and removing bottlenecks, which will kick-start the investment and consumption cycles leading to enhanced GDP growth, global investment bank Goldman Sachs has made an agreement with Bengaluru-based builder Nitesh Estates for the joint investment of $250 million (about Rs. 1,600cr) in commercial real estate assets across India. Blackstone, Qatar Investment Authority, GIC and Brookfield Asset Management are among other global investors who have invested in high quality income producing office space over the past few years.

Commenting on the latest agreement, Mr. Sonjoy Chatterjee, chairman, Goldman Sachs India, said, "This announcement is consistent with our strategy to invest in sectors critical to India's development."

While, Nitesh Shetty, CMD, Nitesh Estates added, "This landmark investment announcement with Goldman Sachs, an experienced investor in Indian and global real estate, will accelerate our firm's footprint across the country, providing capital when needed as well as through acquisitions of existing projects.”

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