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From CNBC-TV18
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US co buys stake in Bangalore's Nitesh Estates
2007-02-21 09:08:03 Source : Power Breakfast/CNBC-TV18
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Indian real estate continues to see an inflow of foreign money. Now, New York-based Och Ziff Capital has picked up 25% stake in Bangalore based real estate company Nitesh Estates, for USD 51 million, reports CNBC-TV18.
The deal values Nitesh Estates at USD 204 million or Rs 901 crore. Nitesh Estates is currently developing projects of over 4 million sq feet in Bangalore.
It has also partnered with Citigroup Property Investors for USD 100 million to develop a 250 room hotel in Bangalore.
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Sensex & Nifty
81.40 0.47%At a Glance
NITESH ESTATE STAKE SALE
Och-Ziff Capital buys 25% in Nitesh Estates for USD 51 m
Och-Ziff deal values Nitesh Estates at USD 204 m (Rs 901 cr)
Nitesh Estates developing projects over 4 m sq ft in Bangalore
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