Brookfield Asset Management- the new owner of the 6 SEZs
There are some major management changes happening in the realty sector in India. Unitech Corporate Parks (UCP), the London Stock Exchange-listed firm that owns six IT Special Economic Zones (SEZ) in India is all set to sell its stake in the projects to Canada’s Brookfield Asset Management for about 205.9 million pounds (Rs 2,050 crore). UCP mentioned during a filing to the London Stock Exchange (LSE) that it has signed a deal to sell a majority stake in the projects to Brookfield.
Isle of Man-incorporated UCP had formed a 60:40 joint venture with Unitech Ltd, India’s second-largest realty company to develop six SEZs and information technology (IT) parks in Gurgaon, Noida and Kolkata. Unitech’s correspondents said, it is selling its stake in four of the six projects for an undisclosed amount. It owns 40 % in five of the six projects and 36 % in the sixth property in Kolkata.
Brookfield has bought UCP’s 60 % share in all the six SEZs and IT parks and Unitech’s 40 % in four assets. Three of the IT parks/SEZs are located in Noida (Including N2 IT park), two in Gurgaon (G1 and G2 IT Parks) and one in Kolkata (K1 IT SEZ).
Unitech managed to realise Rs 1,300 crore in this deal is what the industry experts have gauged.
Source- The Financial Express
Brookfield Asset Management, IT special economic zones (SEZ), Special Economic Zones (SEZ), Unitech Corporate Parks
