The realty major has incorporated a new real estate investment company, Unitech Corporate Parks, in the Isle of Man and plans to list it on the London Stock Exchange's Alternative Investment Market with an institutional placement of its shares.
Unitech Corporate Parks Plc, which intends to invest in the Indian commercial real estate sector, said in a regulatory filing that the offer size is expected to be about £360 million ($700 million).
The company plans to use the offer proceeds for acquisition of majority stakes in six commercial real estate development projects -- including four IT SEZs and one IT Park development in the NCR
The company expects to co-invest in the initial portfolio alongside Unitech Limited and its affiliates.
Unitech Limited is the largest listed real estate developer in India by market capitalisation, which stood at $8.9 billion as on November 28.
Unitech's London listing plans follows a successful IPO by Ishaan Real Estate earlier this month on LSE's AIM market.
A number of other real estate firms, including Hiranandani, are also reportedly mulling over plans to list in London as rules for raising capital through sale of shares are considered to be less stringent there, investment bankers said.
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