In Pune, ABIL acquires Nitesh Hub Mall on Koregaon Park Road for more than Rs. 270 crore


The ABIL acquired Nitesh Hub Mall on Koregaon Park Road for worth Rs. 276 crore. This is a city-based real estate company and the commercial establishment that is acquired by them is spread over more than 1 million square feet.

Last year there were reports about ABIL planning to capture the mall located on the Koregaon road. According to the sources, the company is planning to develop office space across 8 lakh square feet and this will be structured in the form of a tower. The office space will be located in the backside of the present mall.

Amit Bhosale, managing director, ABIL Group, said that we plan to develop a new structure in place of the mall and it will be a commercial one with maximum number of offices. Only a little space will be dedicated to the retail section that is planning to be developed around 30,000 to 40,000 square feet. On a whole 85-90% of the new development will be of the office spaces.

He further added that the façade of the present mall will get a makeover and its first floor is planned to have a house restaurant in approximately 1 lakh square feet of space. This is estimated to be completed in 12-14 months.

This deal is finalized through a mix of equity and debt. However, equity has a major part. The sources said that after the completion of this project, the ABIL group will have three major properties on this stretch that includes The Westin Hotel and the residential towers behind it.

In an announcement at the stock exchange last year, the Bangalore-based Nitesh Estates informed about selling its 100 percent shares in the Pune mall to Ela Realty that is a SPV [special purpose vehicle] of the ABIL Group.