Real estate developer Unitech Ltd (UNTE.BO: Quote, Profile, Research) said on Monday it will sell 50 percent stake in the first phase of a Mumbai project to Lehman Brothers Real Estate Partners for $175 million (7.5 billion rupees).
Unitech, along with a local partner, is developing one million sq ft of office space in the initial phase of the project, situated close to the commercial hub of Bandra-Kurla complex in central Mumbai.
“The property will be developed over 2-3 years and will be leased out. We will have to put it in a trust as that will be exit route for investors,” a senior company official, who declined to be named, said.
More : in.reuters.com
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