Mumbai: Global investment bank Lehman Brothers Real Estate Partners has taken a 50 per cent stake in realty major Unitech's project on Mumbai's Western Expressway for Rs740 crore.

''On satisfactory completion of all the conditions under the transaction documents, Unitech Ltd today received subscription amount of Rs740 crore,'' Unitech said in a filing with the Bombay Stock Exchange.

Unitech has allotted 50 per cent stake in the initial phase of a master-planned project on the Western Expressway to Lehman Brothers Real Estate Partners.

Lehman Brothers Real Estate and the Western Expressway JV, a joint venture of Unitech Ltd and its local partners, would bear the construction cost for the initial phase of the project, the filing added.

The initial phase entails development of one million square feet of office space out of the total developable area of around 18 million square feet.