LEHRMAN BROTHERS REAL ESTATE PARTNERS TO INVEST IN UNITECH\'S MUMBAI PROJECT
Lehman Brothers Real Estate Partners has agreed to invest approximately Rs. 740 crores to acquire a 50 per cent stake in the initial phase of a master-planned project on the Western Expressway of Mumbai. Unitech Limited and their local Mumbai partners - the Western Expressway JV are jointly developing the project The initial phase entails development of one million square feet of office space out of the total developable area of approximately 18 million square feet. Lehman Brothers Real Estate Partners and the Western Expressway JV will each contribute 50 per cent of the construction costs.
World renowned architecture firm Skidmore, Owings & Merrill (SOM) has been retained to design the master plan for the broader project which envisions a 100+ acre mixed-use development containing office, retail, residential and hotel components. The JV aims to create one of the most high profile developments in Mumbai, with a unified character and management along the lines of Roppongi Hills in
Courtesy:- HT dated:
Date: 24 June 2008, Tuesday
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