Monday, March 24, 2008

Unitech to raise $500 Mn. from Lehman, Deutsche Bank

Lehman Brothers & Deutsche Bank will invest $500 Mn. in a Unitech SPV.

A source suggests talks are in advanced stage for two commercial projects at Santa Cruz (Mumbai), for developable office space of 2Mn. Sq.Ft. The deal might close in 3 weeks.

This project will be a Unitech first in Mumbai, as the firm gets aggressive outside NCR, it's home zone.

Poor market conditions, and reducing funding options have been hard on realestate companies, but everyone loves a good deal.

Read the full story on ET

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