Bangalore-based Nitesh Estates has announced that New York-based Och-Ziff Capital Management Group has picked up 25 per cent stake in the company for $51 million. Och-Ziff Capital Management Group is a global hedge fund with assets worth $21 billion, including investments in the UK football club Manchester United and is making its first Indian investment in the Bangalore-based realty firm. The company last year raised $100 million from New York-based private equity firm Siachen Capital LLC. Headquartered in Bangalore, Nitish Estates is engaged in the development of high-end residential apartments, office buildings, gated townships and retail spaces. The company recently bagged a Rs. 100 crores built-to-suit residential complex for tobacco major ITC. Nitesh Shetty, Managing Director, Nitesh Estates said, “We are glad to have a big global name like Och-Ziff as our partner to take our growth plans forward.”
Source: Largest Real Estate Network
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