India's real estate developer Unitech Ltd. said Lehman Brothers Real Estate Partners has agreed to acquire a 50 percent stake in the initial phase of the company's project on the Western expressway in the city of Mumbai for around $175 million.
The project is being jointly developed by Unitech and its local Mumbai partners, the company said in a filing with the BSE.
Lehman Brothers Real Estate Partners will contribute 50 percent of the construction costs with a collective similar contribution from Unitech and its local Mumbai partners.
The initial phase entails development of one million square feet of office space out of the total developable area of around 18 million square feet. (Forbes)