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Lehman Brothers Real Estate Partners to invest $175 million in Unitech’s project
Posted by naatmad on Monday, 16 June, 2008
MUMBAI – India’s real estate developer Unitech Ltd. said Lehman Brothers Real Estate Partners has agreed to acquire a 50 percent stake in the initial phase of the company’s project on the Western expressway in the city of Mumbai for around $175 million.
The project is being jointly developed by Unitech and its local Mumbai partners, the company said in a filing with the Bombay Stock Exchange.
Lehman Brothers Real Estate Partners will contribute 50 percent of the construction costs with a collective similar contribution from Unitech and its local Mumbai partners.
The initial phase entails development of one million square feet of office space out of the total developable area of around 18 million square feet.
Source CNBC
Allen Taylor said
Nice writing. You are on my RSS reader now so I can read more from you down the road.
Allen Taylor
naatmad said
Thanks Allen, Hoping to see some feedback from you.
riathareja said
Real estate major Unitech Ltd is in final stages of negotiation with Lehman for a $500-million PE investment in its two commercial projects in Mumbai. The two sides have signed a non-disclosure agreement. According to sources, the investment may come into two SPVs floated by Unitech for the projects in Santa Cruz, and Lehman could pick up stake in the SPVs. Unitech is planning to sharpen its focus in the Mumbai market over the new two years. Unitech already has a land bank of 350 acres in Mumbai and in next two years the financial hub is expected to contribute more revenue for the company than the National Capital Region.Both the Mumbai projects would have a combined developable office space of 2 million sq ft in the initial phase.For more view- realtydigest.blogspot.com