Unitech Leases Space to Accenture, Eyes Stake Sale
Unitech Group, a prominent real estate firm, has formalized an agreement with Accenture to lease 800,000 square feet within its Gurgaon Tech-park SEZ. According to sources, this arrangement is projected to generate revenue of ₹1,000 crore for the Unitech Group over the next 15 years. Documents confirm the deal concluded last week.
The real estate firm, also listed on the London Stock Exchange, is reportedly engaged in discussions with Blackstone, a US-based private equity firm, and GIC, a Singaporean wealth fund. The discussions center on the potential sale of Unitech's entire stake in the special economic zone Tech park located in Gurgaon. Estimates put the value of the IT SEZ at ₹2,700 crore.
Sources indicate that this leasing agreement with Accenture might serve to enhance the overall valuation of the tech park as Unitech explores a sale. This tech park has a total of 3.6 million sq ft of leasable land available to potential tenants.
The established leasing deed extends for a duration of 15 years, incorporating an escalation clause to account for market fluctuations. The space is leased at a monthly rental rate exceeding ₹60 per square foot.
With this agreement in place, approximately 90% of the tech park's available leasable space is now occupied. Significant portions of the property are leased to major firms including Accenture, RBS, Sapient, Bank of America, and Ernst & Young.