Lehman Brothers picks up 50% stake in Unitech project

New Delhi, Jul 17 (UNI) Unitech Ltd, a leading real estate developer, today said it has allotted 50 per cent stake in the intial phase of the Western Express Highway in Mumbai to Lehman Brothers for Rs 740 crore.

''Further to our letter dated June 16, 2008 on the captioned matter, we have completed all the conditions under the Transaction Documents and receipt today of subscription amount of about Rs 740 crore,'' a company statement said.

The project is being jointly developed by Unitech and its local Mumbai partners.

The initial phase entails development of one million sq ft of office space, out of the total developable area of about 18 million sq ft. The project includes residential homes, shopping malls and hotels, and is estimated to be worth 6.2 billion dollars.

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