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Blackstone Group to buy remaining stake in Indiabulls commercial assets

Thursday, 12 Sep 2019
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The Blackstone Group has signed a term sheet to acquire the remaining 50 percent stake in Indiabulls Real Estate’s commercial properties for over Rs 4,420 crore. The Group had concluded a similar deal for 50 percent of the portfolio for nearly Rs 4,750 crore in March 2018.

The deal is part of the Indiabulls Group’s plan to exit real estate and focus on financial services, as part of which it’s seeking to merge with Lakshmi Vilas Bank. Following the acquisition, the Blackstone Group will get a control of five million sq ft portfolio.

The portfolio includes two marquee properties -- One Indiabulls and Indiabulls Finance Centre in Mumbai’s Lower Parel and Prabhadevi areas and one in Gurugram.

Apart from these assets, Blackstone Group and Indiabulls Real Estate are in advanced talks for one more asset in the National Capital Region and this deal is also expected to be concluded over the next few weeks. This transaction is estimated to be valued at around Rs 700 crore.

The Blackstone Group is expected to add the assets acquired from Indiabulls Real Estate to the portfolio of Embassy Office Parks Real Estate Investment Trust, its joint venture with Bengaluru-based realty developer Embassy Group.

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