Marketscan
Unitech Ltd said it had received Rs 740 crore from global investment bank Lehman Brothers Real Estate Partners for a 50 per cent stake in the country’s second largest realty firm’s project here.
“On satisfactory completion of all the conditions under the transaction documents, Unitech Ltd received subscription amount of Rs 740 crore,” the realty major said in a filing to the Bombay Stock Exchange.
Lehman Brothers Real Estate Partners have been allotted 50 per cent stake in the initial phase of a master-planned project on the Western Expressway of Mumbai.
The construction cost for the initial phase would be borne by Lehman Brothers Real Estate and the Western Expressway JV, a joint venture of Unitech Ltd and its local partners. The initial phase entails development of one million square feet of office space out of the total area of around 18 million square feet. - PTI
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