After selling a 50 per cent stake in Mumbai and Gurugram commercial properties, Indiabulls Real Estate Ltd (IBREL) has sold its remaining stake in commercial office assets in Gurugram and central Mumbai to Blackstone Group for Rs. 2717 crore, the developer informed the exchanges. IBREL has sold the stake in existing joint venture companies Yashita Buildcon Ltd and Ashkit Properties Ltd, which own assets in Udyog Vihar, Gurugram and certain subsidiaries in Indiabulls Properties Pvt. Ltd and Indiabulls Real Estate Company Pvt Ltd, that own assets at Lower Parel, Mumbai to Blackstone, the company said.
“This has generated significant financial resources for the Company towards achieving its goal of ZERO net debt in current FY. Further the Company & its subs are also in the process of finalization of definite agreements with Blackstone for proposed divestment of stake in commercial assets/development at Worli Mumbai, rights/stake in KG Marg New Delhi and Sector 104 & Sector 106 Gurgaon.,” IBREL said.
IBREL on September 10, 2019 had informed the exchanges that the company has agreed and finalised strategic divestment of its stake in certain commercial and leasing business asset to entities controlled by Blackstone Group for an aggregate equity value of approximately Rs 4,420 crore, subject to closing adjustments, BSE filing said.
The deal forms part of Indiabulls Group’s larger plans to exit the real estate business prior to its merger with Laxmi Vilas Bank.
