lehman-invests-in-indian-real-estate-project

Lehman invests in Indian real estate project

The real estate arm of the US investment bank commits $175 million for a 50% stake in a Mumbai project being developed by Unitech.
Indian real estate developer Unitech will sell a 50% stake in a Mumbai project to Lehman Brothers Real Estate Partners for $175 million.

The project, which is near the Bandra Kurla Complex BKC, Mumbai's new financial services district, comprises one million square feet of office space and is being developed on a joint basis by Unitech and a Mumbai partner, the Western Expressway JV.

On the same site Unitech will also subsequently develop a one hundred acre mixed-use development which will include offices, residential property and hotels. The total area which can be developed at the location is 18 million square feet. Unitech said in a written statement that it intends to create...
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