IREL sells commercial assets to Blackstone

New Delhi: Indiabulls Real Estate Ltd has entered into agreements with companies run by The Blackstone Group Inc, to sell its stake in Mariana Infrastructure and the commercial assets in Mumbai to a total value of Rs 810.7 crore.

"Indiabulls Real Estate Limited and its certain subsidiaries, have entered into definitive agreement(s) with entities controlled by The Blackstone Group Inc which is a globally renowned real estate private equity investor, to divest the entire stake in Mariana Infrastructure Limited (which owns commercial projects at Gurugram) and the commercial assets/development at Mumbai, at an aggregate enterprise value of approximately Rs 810.7 crores, subject to closing adjustments, if any," Indiabulls said.

The sale is in line with it plan to become a debt-free company by the end of the current fiscal.

Earlier in June, promoters of Indiabulls Real Estate had sold 14 per cent stake in the company through open market transactions to Embassy Group for Rs 950 crore.

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