Unitech Corporate Parks to Sell Interest in Indian Real Estate Portfolio

Skadden is advising Unitech Corporate Parks plc (UCP), a closed-end investment company, on its proposed sale of the entire issued share capital of its subsidiary Candor Investments Ltd. to an affiliate of Brookfield Property Partners L.P., announced June 11. Candor is the holding company for UCP's property interests, comprising investments in six real estate development projects in India. The investments are held through separate Mauritian-incorporated wholly owned subsidiaries, which in turn hold 60 percent of the share capital of the Indian project companies. The sale is one of the largest real estate deals in India.