Mumbai: Developer Unitech Ltd said on Monday Lehman Brothers Real Estate Partners has agreed to invest about $175 million for a 50 per cent stake in the initial phase of a project in Mumbai.
Unitech and its local partners will develop one million square feet of office space, in the initial phase, out of a total developable area of about 18 million square feet on the Western Express Highway, the company said in a statement.
The construction costs will be equally split between Lehman Brothers and Unitech with its partners, it added.
Both firms intend to expand the relationship by considering future investments in subsequent phases of this project as well as in additional projects.
Unitech and its local partners will develop one million square feet of office space, in the initial phase, out of a total developable area of about 18 million square feet on the Western Express Highway, the company said in a statement.
The construction costs will be equally split between Lehman Brothers and Unitech with its partners, it added.
Both firms intend to expand the relationship by considering future investments in subsequent phases of this project as well as in additional projects.
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