Unitech arm in talks with Blackstone, GIC to sell SEZ

Unitech Corporate Parks, a Unitech group firm listed in London, is negotiating with the private equity fir m Blackstone and Singapore's sovereign wealth fund GIC to sell its IT special economic zone (SEZ) in Gurgaon for about Rs 2,700 crore. Unitech Corporate Park (UCP), which is listed on the AIM of the London Stock Exchange, is developing an IT SEZ 'IST Infospace Gurgaon' with leasable area of 3.6 million sq ft. UCP holds 60 per cent in this project, while realty fir m Unitech has the remaining 40 per cent stake. "Our most advanced development G2 (IST Infospace Gurgaon) has been marketed by Jones Lang LaSalle. We have received strong interest and following a first round of offers are now engaged in negotiations with the two leading parties," UCP said in a statement while declaring its annual result. Sources said that the two leading parties are Blackstone and GIC and the deal could be finalised by end of next month. A Unitech spokesperson declined to comment on the development. Apart from these two firms, investment firm Xander group, Canada's pension fund CPPIB, Kotak Group and Maple Tree had also participated in the bidding process. UCP has 60 per cent stake in these 6 properties while Unitech has 40 per cent.