As per the sources saying at the www.propertykhazana.com India’s largest realty player has been permitted from the concerned authorities to list on the Singapore Stock market under its subsidiary Unitech Office Trust, a REIT of Unitech. With the said listing the company is likely to mange around USD 700 Million. The offering will be monitored by the international fund managers like Deutsche Bank, Lehman Brothers, JP Morgan and UBS and Unitech is hoping to complete the process by the end of the financial year 2008.
Unitech Office Trust, with its REIT is eyeing @ some of the under-construction and SEZ ventures in India and as per the source saying @ the www.propertykhazana.com there are 6 IT Parks and SEZ ventures with leasable floor area of 10 Million Sq.Ft under development on the REIT account. In continuation, Unitech has separated 60% of the equity stake in the said projects to its auxiliary Unitech Corporate Parks which has raised Rs. 3000 crores from the AIM in the previous year.
Senior Unitech Executive said at the www.propertykhazana.com that the Group is clear on the future implements and whatever the funds raised will be invested on the ongoing commercial ventures and later the same will be utilized for land banks and developments.
Following the footsteps of Unitech many key realty players like DLF are in queue to get listed on the Singapore and London stock exchange. DLF has been permitted by the regulatory to raise USD 2.5 Million through its subsidiary DLF Office Trust in Singapore and Singapore based Ascendas raised about USD 500 Million. By now many realty projects in India are nourished by the overseas funds.
As reported by the sources at the www.propertykhazana.com Ascendas has already funded 4 IT Park ventures in Maharashtra, Chennai, Bangalore and Hyderabad. REIT is playing similar to Mutual funds and in this regard SEBI proclaimed a policy on the real estate mutual funds in India which is yet to be notified.
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