News & Views on Indian Real Estate

Tuesday, September 23, 2008

Unitech Remains Unaffected By Lehman Brothers' Crisis

Delhi-based Real Estate Developer Unitech had received about $175 million (Rs 740 crore) from Lehman and is very confident of surviving the Lehman crisis. A Unitech spokesman said, "Unitech has already received the money and closed the deal with Lehman Brothers' managed real estate fund. We are not affected by the Lehman bankruptcy. The Lehman real estate fund is third party capital managed by the Lehman asset management business." In June this year, the Lehman managed real estate fund bought a 50 per cent stake in the Mumbai project. Lehman picked up stake in one million sq ft of space in a project jointly developed by Unitech and its local partner, Western Expressway JV, at Santa Cruz. The project involves 18 million sq ft of development estimated at Rs 26,000 crore.