Plaza Centers, the emerging markets developer, has bought out the 50% interest of Indian joint venture partner, Avinash Bhosale Group at its mixed-use Koregaon Park scheme in Pune, for $20m (£12m).
Koregaon Park is currently under development. When completed, it will comprise of 1.2m sq ft of commercial space including 900,000 sq ft of retail space and 300,000 sq ft of office space. The first phase of the scheme is expected to complete in the first half of 2010.
Plaza said in a statement: ‘The acquisition of this 50% stake will enable Plaza to have full control of the development and utilize the considerable local experience that it has built up over the last three years in the region.’
Plaza is also part of five other, joint venture developments in India.