Press Release Summary: Unitech, the country\'s second largest property developer, has raised $300 million (nearly Rs 1,290 crore) from international investors for its $600 million global property fund.
Press Release Body: Unitech, the country\'s second largest property developer, has raised $300 million (nearly Rs 1,290 crore) from international investors for its $600 million global property fund.
Named Unitech International Real Estate Fund, the fund will invest in Unitech\'s residential projects in the country. A clutch of global investors have invested in the fund, according to sources.
The Unitech spokesperson could not be contacted for comments. The fund is expected to deploy the money in the next couple of months. It is also looking at raising $300 million from the international investors by September, sources said. The fund has a life span of 10 years.
Swiss investment bank UBS was the sole placement agent for the fund raising and Unitech\'s asset management company, Unitech Realty Investors, will manage the funds, the sources said.
\"Unitech\'s fund raising clearly shows that there is no dearth of liquidity for property companies in the international markets if they have good execution skills and proven track record,\'\' said an investment analyst.
This is the second major international fund raising exercise by the company. In late 2006, the company had raised $700 million by floating a fund in Isle of Man and listed the fund on the Alternative Investment Market of the London Stock Exchange (LSE). The entity is known as Unitech Corporate Parks (UCP), which has invested in the company\'s commercial projects.
Unitech Realty Investors currently manages nearly Rs 2,000 crore worth of funds, which the company has raised through domestic funds called CIG Realty Fund I, II, III and IV. The company has deployed these funds in buying lands in Gurgaon, Chennai, Kolkata, Hyderabad and Kochi among other places.
Recently, global investor Lehman Brothers invested Rs 740 crore in Unitech\'s Santacruz project in Mumbai. The company said it was in talks with Lehman for raising funds for other commercial projects in the country.
The deals are set to be finalised in the next five to six months. The company has, however, put on hold its plans to raise $700 million through listing of a real estate investment trust (REIT) on the Singapore Stock Exchange, and a qualified institutional placement of $1.5 billion in India due to poor stock market conditions............
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