Lehman Brothers Real Estate Partners is close to completing a deal to invest in three development projects from Indian development company Unitech for $525 million (€339 million), India’s Economic Times reported today.
Citing sources within the firm, the paper said the three deals would be similar to the $175 million investment announced yesterday, in which Lehman took a 50 percent stake in a development project in Santacruz, Mumbai. That investment will fund the development of one million square feet of office space.
According to the sources, Lehman was negotiating with Unitech for a similar stake in two other projects in Santacruz, which would close in the next three to four months. In addition, the firm was also negotiating with Unitech to develop a one-million-square-foot office property in Worli, Mumbai, a project in which Unitech holds 50 percent equity.
The four investments would total $700 million for Lehman in Unitech projects. Lehman Brothers Real Estate Partners were unavailable for comment.