| WWW.NRIREALTYNEWS.COM
|
| Home | Real Estate | Investment | Banking | Remittance | Repatriation | NRI Tax | Finance | NRI News | NRI Services | NRI Info | Laws |
|
|
|||||||||||||
|
||||||||||||||
| |
||||||||||||||
Unitech makes way for Unitech Office Trust (UOT)Friday, December 21, 2007
Unitech Corporate Parks Plc, a real estate investment firm listed on AIM market of London Stock Exchange, has proposed to sell stake in three of its development projects for 234.1 million pounds (Rs 1,830 crore). Unitech's InfoSpace projects in Gurgaon, Noida and Kolkata would make way for wholly-owned subsidiaries of Unitech Office Trust (UOT). However company intends to seek the approval of shareholders for the conditional sale of its interests in three out of its six development projects in India. The proposed sale would be conditional upon the successful completion of the UOT's offering and the listing of the units on the Singapore Stock Exchange. If the transaction is not completed, the company intends to continue to develop the projects itself. UOT is a Singapore-based business trust established with the principal objective of investing in real estate in India to raise the consideration for the acquisition by way of an international placement to investors and an offering to the public in Singapore. UOT is also a wholly-owned indirect subsidiary of India's second largest real estate firm Unitech Ltd. Unitech Corporate Parks Plc chairman Atul Kapur said "We intend to reinvest the proceeds of the disposal into early stage Indian real estate development projects and are seeking approval to widen Unitech Corporate's investment strategy to include the hospitality, retail and other commercial and mixed-use sectors. As we are of the firm belief, that in addition to our focus on the real estate requirements of the high growth Indian IT and IT Enabled Services sectors, these are areas where we can also create significant shareholder value." Investment strategy of Unitech Corporate Parks aims to cover 92.4 acres
and provide an area of 10 million square feet of commercial property
for the IT and IT Enabled Service Sectors with the completion of its
projects. The minimum consideration payable to Unitech Corporate Parks
for these assets would represent an average project level Internal Rate
of Return (IRR) of 38.9 per cent, assuming completion on March 1, 2008.
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
