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Unitech group firm UCP sells its stake in 6 projects to Brookfield

Unitech Corporate Parks, a Unitech group firm listed in London, on Wednesday said it will sell its entire 60 per cent stake in six IT SEZ/Park projects in India to global realty firm Brookfield for over Rs 2,000 crore.In a filing to London Stock Exchange (LSE), Unitech Corporate Parks (UCP) said it has entered into an agreement with Brookfield Property Partners for the sale of the assets.

The remaining 40 per cent stake in the six projects lies with Unitech, which has also sold its complete holding in four of the projects to Brookfield for over Rs 1,500 crore.
‘The disposal agreement provides that Brookfield will acquire Candor, subject to certain conditions, for an aggregate cash consideration of approximately 205.9 million pound,’ UCP said in the filing. Candor Investments is the holding company for UCP's interests in its six real estate projects.

Following this deal, UCP will be left with no asset and practically it will cease to exist. ‘The offer for UCP's property interests from Brookfield at above the latest book valuation reflects the hard work put in over recent years to let the office space and grow income, in order to achieve the best possible price on behalf of investors in the company,’ UCP Chairman Donald Lake said.

UCP, which got listed on Alternative Investment Market of the LSE in 2006, had invested in Unitech's six IT SEZ/Park projects — two in Gurgaon, three in Noida and one in Kolkata.

Unitech holds 13.7 per cent stake directly in UCP, which had raised 360 million pounds in 2006 via IPO to invest in Indian commercial real estate.
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