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Unitech -------------------------------------------------------------------------- Maintain OUTPERFORM
Leasing activity remains lacklustre at Unitech Corporate Parks
● 4.0 mn sq. ft (18.7% of UCP’s total portfolio of 21.4 mn sq. ft) was
leased or committed for lease as of Feb-11, implying that 0.7 mn
sq. ft was leased during Oct '10–Feb '11. 0.5 mn sq. ft was leased
in N2 (Noida) project. YTD FY11 leasing stands at 1.6 mn sq. ft.
● Out of 4 mn sq. ft, 2.7 mn sq. ft is presently rent yielding compared
to 2.2 mn sq ft as of Sep-10. The total completed area as of Feb-11
stood at 3.7 mn sq. ft compared to 3.5 mn sq. ft as of Sep-10, with
N2 project witnessing additional 0.2 mn sq. ft of completion.
● Management expects the current lease commitments of 4.0 mn
sq. ft to be fully rent yielding by 3Q 2013. The total expected
annual rental income from these committed lease stands at
£29 mn, implying average monthly rentals of Rs44 per sq. ft.
● Management indicated that rentals in Gurgaon (G1) are expected
to remain under pressure in medium term due to project’s
proximity to oversupply areas. Demand in Greater Noida (N3)
remains subdued due to remoteness from CBD. Overall, leasing
activity has improved lately but oversupply concerns remain.
4.0 mn sq. ft total lease commitments as of Feb-11
4.0 mn sq. ft (18.7% of UCP’s total portfolio of 21.4 mn sq. ft) was
leased or committed for lease as of Feb-11, implying that 0.7 mn sq. ft
was leased during Oct '10–Feb '11. Out of 0.7 mn sq. ft, 0.5 mn sq. ft
was leased in N2 (Noida). YTD FY11 leasing stands at 1.6 mn sq. ft.
Out of 4 mn sq. ft, 2.7 mn sq ft is currently rent yielding (2.2 mn sq. ft
as of Sep-10), 1.33 mn sq. ft is on account of future commitments, 0.9
mn sq. ft is ready space available for lease and another 8.3 mn sq. ft
is under development which is yet to be leased. In addition, 8.2 mn ft
across N3 and G1 projects is earmarked for future development.
Total completed area as of Feb-11 stood at 3.7 mn sq. ft compared to
3.5 mn sq. ft as of Sep-10, with incremental 0.2 mn sq. ft getting
completed in N2 (Noida) project during the period.
Current commitments to be rent-yielding by 3Q 2013
Management expects the current lease commitments of 4.0 mn sq. ft
to be fully rent yielding by 3Q 2013, subject to work completion as per
planned schedule and consequent completion of leases. The total
expected annual rental income from these committed lease stands at
£29 mn, implying average monthly rentals of Rs44/sq. ft.
Management indicated that rentals in Gurgaon (G1) are expected to
remain under pressure in the medium term due to proximity to
oversupply areas. Demand in Greater Noida (N3) continues to be
subdued due to remoteness from CBD and the project is unlikely to
witness enquiries before 2013. Overall, the market has seen pick-up
in leasing activity during the last three to four months; however,
oversupply concerns remain.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Unitech -------------------------------------------------------------------------- Maintain OUTPERFORM
Leasing activity remains lacklustre at Unitech Corporate Parks
● 4.0 mn sq. ft (18.7% of UCP’s total portfolio of 21.4 mn sq. ft) was
leased or committed for lease as of Feb-11, implying that 0.7 mn
sq. ft was leased during Oct '10–Feb '11. 0.5 mn sq. ft was leased
in N2 (Noida) project. YTD FY11 leasing stands at 1.6 mn sq. ft.
● Out of 4 mn sq. ft, 2.7 mn sq. ft is presently rent yielding compared
to 2.2 mn sq ft as of Sep-10. The total completed area as of Feb-11
stood at 3.7 mn sq. ft compared to 3.5 mn sq. ft as of Sep-10, with
N2 project witnessing additional 0.2 mn sq. ft of completion.
● Management expects the current lease commitments of 4.0 mn
sq. ft to be fully rent yielding by 3Q 2013. The total expected
annual rental income from these committed lease stands at
£29 mn, implying average monthly rentals of Rs44 per sq. ft.
● Management indicated that rentals in Gurgaon (G1) are expected
to remain under pressure in medium term due to project’s
proximity to oversupply areas. Demand in Greater Noida (N3)
remains subdued due to remoteness from CBD. Overall, leasing
activity has improved lately but oversupply concerns remain.
4.0 mn sq. ft total lease commitments as of Feb-11
4.0 mn sq. ft (18.7% of UCP’s total portfolio of 21.4 mn sq. ft) was
leased or committed for lease as of Feb-11, implying that 0.7 mn sq. ft
was leased during Oct '10–Feb '11. Out of 0.7 mn sq. ft, 0.5 mn sq. ft
was leased in N2 (Noida). YTD FY11 leasing stands at 1.6 mn sq. ft.
Out of 4 mn sq. ft, 2.7 mn sq ft is currently rent yielding (2.2 mn sq. ft
as of Sep-10), 1.33 mn sq. ft is on account of future commitments, 0.9
mn sq. ft is ready space available for lease and another 8.3 mn sq. ft
is under development which is yet to be leased. In addition, 8.2 mn ft
across N3 and G1 projects is earmarked for future development.
Total completed area as of Feb-11 stood at 3.7 mn sq. ft compared to
3.5 mn sq. ft as of Sep-10, with incremental 0.2 mn sq. ft getting
completed in N2 (Noida) project during the period.
Current commitments to be rent-yielding by 3Q 2013
Management expects the current lease commitments of 4.0 mn sq. ft
to be fully rent yielding by 3Q 2013, subject to work completion as per
planned schedule and consequent completion of leases. The total
expected annual rental income from these committed lease stands at
£29 mn, implying average monthly rentals of Rs44/sq. ft.
Management indicated that rentals in Gurgaon (G1) are expected to
remain under pressure in the medium term due to proximity to
oversupply areas. Demand in Greater Noida (N3) continues to be
subdued due to remoteness from CBD and the project is unlikely to
witness enquiries before 2013. Overall, the market has seen pick-up
in leasing activity during the last three to four months; however,
oversupply concerns remain.
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