Unitech in talks with Lehman to raise funds

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Unitech, the country’s second largest real estate developer, in a statement made to the Bombay Stock Exchange (BSE), said it is in talks with Lehman Brothers Real Estate Partners for raising funds for various commercial projects in the country. Earlier it had announced a $175 million (approximately Rs 740 crore) deal with Lehman for its Mumbai project. Both the deals are to be finalised within the next five to six months.

According to the company, the funds can be diluted to various projects that include developing around 25 million square feet of commercial space in cities including Delhi, Gurgaon, Noida and Kolkata.

The company is also in talks with other private equity players to raise around Rs 1,260 crore to fund its mall and hotel projects across the country. It is setting up nearly 26 hotels and 15 malls with an investment close to Rs 20,000 crore.

“Today public equity is not giving fair value for the projects, while private equity is willing to do so. This deal is an indication that enough liquidity is available for quality players. We are also in talks with Lehman for similar deals,” said Sanjay Chandra, managing director of Unitech.

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