Unitech leases 8 lakh sq ft space in Gurgaon SEZ
Realty major Unitech has leased 8 lakh sq ft of office space in its Gurgaon SEZ to US-based HR consultancy firm Aon Hewitt with a potential revenue of about Rs 800 crore over the next 15 years.
New Delhi: Realty major Unitech has leased 8 lakh sq ft of office space in its Gurgaon SEZ to US-based HR consultancy firm Aon Hewitt with a potential revenue of about Rs 800 crore over the next 15 years.
Unitech Corporate Parks (UCP), a group firm listed in London, holds 60 percent in this SEZ project called 'Infospace Gurgaon' while Unitech has the remaining stake. Unitech has direct stake of about 12 percent in UCP.
According to sources, the leasing deal with Aon Hewitt is for 15 years and this would generate a revenue of about Rs 800 crore over this period. Unitech declined to comment on the development.
The leasing deal has happened at a time when real estate sector, particularly commercial segment, is facing a slowdown.
Aon Hewitt is the global leader in human resource solutions, with over 30,000 professionals in 90 countries serving more than 20,000 clients worldwide.
The SEZ in Gurgaon has a total leasable area of 33 lakh sq ft. About 7 lakh sq ft area is already operational with bluechip MNC tenants like Genpact, Colt, Cognizant and NTT.
The rental values in this area are upwards of Rs 60 per sq ft per month, sources said.
UCP and Unitech are jointly developing another SEZ in Gurgaon, which they have put up for sale.
UCP is already negotiating with the private equity firm Blackstone and Singapore's sovereign wealth fund GIC to sell the IT SEZ, having a leasable area of 36 lakh sq ft, for about Rs 2,700 crore.
Unitech Corporate Park (UCP) is listed on the Alternative Investment Market (AIM) of the London Stock Exchange.
UCP raised about 360 million pounds by issuing and placing its ordinary shares on the AIM of the London Stock Exchange in December, 2006. It had invested in six commercial projects in India in partnership with Unitech, of which five are in the national capital region and one in Kolkata.
UCP has 60 percent stake in these six properties, while Unitech holds 40 percent. That apart, Unitech holds 12-13 percent stake in UCP directly.