Unitech Corp Parks portfolio value 19%
Unitech Corporate Parks (UCP), the London-listed commercial property leasing firm, said its portfolio valuation has dropped by 18.8% to £310 million at present from £382 million in March due to weak commercial leasing market.
UCP invests in Indian commercial real estate being developed specifically for the IT and ITeS sectors.
The decline is largely because of an increase in weighted average cost of capital, weak demand, oversupply of office space and extension of the Software Technology Park Scheme till fiscal 2012, which would negatively impact the movement of tenants from IT Parks to special economic zones.
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