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Unitech not affected by Lehman crisis
| September 16, 2008 |   (1 votes, average: 1 out of 5) Loading ... |
Among the many investments Lehman had made in India, 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 confirmed receipt of the funds. “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. Lehman real estate fund is a third party capital managed by the Lehman asset management business.”
In June, the Lehman managed real estate fund bought a 50 per cent stake in the Mumbai project. Lehman picked up stake in one million sqft of space in a project jointly developed by Unitech and its local partner, Western Expressway JV, at Santa Cruz. The project involves 18 million sqft of development estimated at Rs 26,000 crore.
News Published Under: Real Estate Developers |
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