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.
Following this deal, UCP will left with no asset and practically it will cease to exist.
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"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.
On the remaining 40 per cent stake of Unitech in the six projects, Unitech informed the BSE that it has divested its entire holding in four of the properties.
"These four SEZs are the most mature in terms of their development status. As part of this transaction, certain affiliates of Unitech will continue to manage and develop these assets to ensure that there is no impact on tenants and other stakeholders," it added.
Although the company has not mentioned any deal size, an industry source said the Gurgaon-based realty firm has sold its stake for over Rs 1,500 crore.
Unitech's consolidated net debt as on March 31, 2014, was Rs 6,316 crore. Net debt to equity ratio stood at 0.55.
The company's shares today closed trading on BSE at Rs 33.95 apiece, 7.11 per cent down from the previous close.