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Unitech remains intact by Lehman ruin

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Unitech had obtained about USD 175 Million from Lehman and it is very positive that it is going to live the Lehman condition. Unitech envoy confirming the delivery of the funds said to www.propertykhazana.com that, “Unitech has now taken the fund and has finalized the contract with Lehman Bro’s subsidiary. We are not affected by the Lehman insolvency.
. Lehman realty fund is a third party capital handled by the Lehman property management business.” In the month of June, Lehman managed realty fund purchased 50% of the share in the Mumbai venture and Lehman raised its 1 Million Sq.ft share in a venture developed together by Unitech and by its local associates in Western Expressway JV at Santa Cruz. The venture includes 18 Million Sq.ft of development excepted at Rs. 26,000 Crores, added the source at the www.propertykhazana.com. For more updates on real estate market browse www.propertykhazana.com.
Source: NBTVLIVE

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