Unitech group company UCP in talks with Blackstone, GIC to sell SEZ
Aug 21, 2013
Source : The Economic Times

 

DELHI: Unitech Corporate Parks, a Unitech group firm listed in London, is negotiating with the private equity firm Blackstone and Singapore's sovereign wealth fund GIC to sell its IT special economic zone (SEZ) in Gurgaon for about Rs 2,700 crore.

Unitech Corporate Park (UCP), which is listed on the AIM of the London Stock Exchange, is developing an IT SEZ 'IST Infospace Gurgaon' with leasable area of 3.6 million sq ft.

UCP holds 60 per cent in this project, while realty firm Unitech has the remaining 40 per cent stake.

"Our most advanced development G2 (IST Infospace Gurgaon) has been marketed by Jones Lang LaSalle. We have received strong interest and following a first round of offers are now engaged in negotiations with the two leading parties," UCP said in a statement while declaring its annual result.

Sources said that the two leading parties are Blackstone and GIC and the deal could be finalised by end of next month.

A Unitech spokesperson declined to comment on the development.

Apart from these two firms, investment firm Xander group, Canada's pension fund CPPIB, Kotak Group and Maple Tree had also participated in the bidding process.

UCP raised about 360 million pounds by issuing and placing its Ordinary Shares on the AIM of the London Stock Exchange in December, 2006. It had invested in six commercial projects in India in partnership with Unitech, of which five are in the national capital region and one in Kolkata.

UCP has 60 per cent stake in these 6 properties while Unitech has 40 per cent. That apart, Unitech holds 12-13 per cent stake in UCP directly.

Unitech is expected to garner Rs 1,100-1,200 crore from this deal and the amount will be used to retire debt and fund construction of projects.

"Our most advanced project G2 is approaching physical completion and has been marketed to major international investors, and we are in detailed negotiation with two. We hope this will be the first and substantial realisation of value from UCP's development programme," UCP Chairman Donald Lake said.

UCP continued to make good progress in letting space in the second half of year to 31 March 2013. The total office area leased, or subject to binding pre-lease commitments, has increased from 6 million sq ft in March 2012 to 6.61 million sq ft till July, 2013.

UCP's NAV has increased by 11 per cent to £207.9 million (58 pence per share) at 31 March 2013 compared to £187.1 million (52 pence per share) at 31 March 2012.

Latest Realty News

Real Estate (Regulation and Development) Bill, 2013 introduced in Rajya Sabha
Aug 20, 2013
DELHI: The Real Estate (Regulation and Development) Bill, 2013, as approved by the Union Cabinet in its meeting on 4th June 2013, was introduced in the Rajya Sabha today . The Bill has been piloted by Dr. (Ms) Girija Vyas, Minister of Housing and Urban Poverty Alleviation .Soon after its introduction, the Bill was referred to the Parliamentary Standing Committee on Urban Development for review and making suggestions.
Property prices up by 15 per cent in Delhi-NCR: Report
Aug 20, 2013
DELHI: Property prices have increased by an average 15 per cent in the Delhi-NCR during Apri-June quarter of this fiscal against the year-ago period, according to a report.
Height of houses on DDA’s agenda
Aug 19, 2013
DELHI: Delhi Development Authority is expected to review its proposal for an increase in height by 2.5 metres of residential houses to allow for stilt parking in its meeting on August 12.
‘There is tremendous long-term potential for luxury products in India’
Aug 19, 2013
DELHI/MUMBAI: merican real estate magnate Donald Trump, Chairman and President of The Trump Organisation, who is gearing up for the Republican Presidential nomination in 2016, is bullish on the Indian real estate sector.
Does buying a plot of land suit your budget and needs? Find out
Aug 19, 2013
DELHI: In 1993, T Sridhar (name changed) bought four plots of land, each measuring 40 ft x 30 ft, outside Bangalore, for a total of Rs 1.7 lakh. At that point of time, the plots lay outside the city on the Bangalore-Madras highway. Today, the city has expanded to touch this area and a lot of development is taking place in the vicinity. The value of those four plots has soared to Rs 1.2 crore, which amounts to a compounded annual return of 23.72% over 20 years.
Home for rent? Bypass the broker
Aug 18, 2013
DELHI: Shreya Shah will be moving from Nashik to Mumbai soon and has finalized a house to be taken up on rent. Oddly, she has never really laid eyes on it. "I got to know of the girl who lives there online, spoke to the landlord on the phone, and saw the photos on email. I will actually see it the day I move," says Shah, who works with a multinational bank.
Gurgaon Extension: Next residential hub
Aug 17, 2013
DELHI: Like Noida Extension (Greater Noida West) and Raj Nagar Extension (Ghaziabad), a new developing zone – Gurgaon Extension (the area extending from Sohna Road and directly connected to the main Gurgaon-Sohna Road) – is being considered by realty experts as a good place for affordable-range housing. The value of investments could double here once IMT Sohna is up and running, experts say. Also, the Delhi-Mumbai dedicated freight corridor is located close by and all the mega industrial estates
Market boom on Gurgaon Faridabad Road
Aug 17, 2013
DELHI: Real estate development along Gurgaon-Faridabad Road, which further connects to Ballabhgarh-Sohna Road, is in a boom phase. The scenic view of the Aravali hills and the valleys offered by the residential and hotel projects under construction in this area has ramped up the demand in this area. Already, this developing zone has a 9-hole golf course. The prevailing rate of housing projects here is in the range of Rs 7,500-10,500 per sq ft.
National Green Tribunal whammy to realty projects in Noida
Aug 16, 2013
DELHI: In a major setback to realty projects in Noida, the National Green Tribunal (NGT) on August 14 ordered the Noida Authority to stop construction work of all projects which do not have requisite environmental clearances within 10km radius of Okhla bird sanctuary. The tribunal has also directed Noida Authority to conduct a fresh survey and find out the projects falling within the radius.
Elders take up Bill on regulator for real estate
Aug 16, 2013
DELHI: The Real Estate (Regulation and Development) Bill 2013, aimed at inducting professionalism and standardisation in the sector, was tabled in Rajya Sabha here on Wednesday.

Latest Realty News Of State

Realty Talk's