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Sign in Sign up for a FREE subscriptionBlackstone takes full control of IBREL office assets
Indiabulls Real Estate (IBREL) has sold its remaining stake in commercial office assets in Gurugram and central Mumbai to Blackstone for an aggregate equity value of approximately INR 2,717 crore ($382 million).
The Mumbai-based developer 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 Private Ltd. and Indiabulls Real Estate Co., which own assets at Lower Parel, Mumbai.
IBREL and its subsidiaries are also in the process of finalizing a transaction with Blackstone to divest direct or indirect stake in commercial assets at Worli Mumbai; rights or stake in K.G. Marg, New Delhi; and Sector 104 and Sector 106, Gurugram.
The acquisition of stake will give Blackstone complete control and ownership in IBREL’s commercial office portfolio.
The transactions are part of Indiabulls Group’s larger plan to exit the real e
