Lehman Brothers Real Estate Partners gets 50 per cent stake in the Western Expressway of Mumbai proj

Lehman Brothers Real Estate Partners has paid 740 crore Indian Rupees for a 50 per cent stake in the Western Expressway of Mumbai project.

Western Expressway of Mumbai project is the second largest project of the Unitech group.

Unitech Limited has allotted 50 per cent stake in the initial phase of a master-planned project on the Western Expressway of Mumbai to Lehman Brothers Real Estate Partners.

The initial phase entails development of one million square feet of office space out of the total developable area of around 18 million square feet.

The construction cost for the initial phase would be borne by Lehman Brothers Real Estate and the Western Expressway JV.

This Western Expressway JV is a joint venture of Unitech Ltd and its local partners.