UPC leases property for real estate development

New Delhi: Unitech Corporate Parks Plc (UPC), which focuses on investing in commercial real estate in India, announced that it has leased a further area of about 3,22,700 sq. ft. and has received commitments for about 5,25,300 sq. ft. under ‘Options and right of first refusal (RoFR)’ for its real estate developments.

Options and RoFR comes into the picture as tenants who lease a commercial space also have the option of leasing additional area at a future point in time ba sed on their expansion plans.

In a statement issued here, UCP said that the total area leased by it in its projects now stands at about 20,13,700 sq. ft. and the total area under Options and RoFR is at approximately 5,25,300 sq. ft.

“This collectively, at about 25,39,000 sq. ft., represents approximately 11.9 per cent of the potential net lettable area of all the projects,” the release said.