Indiabulls Actual Property sells properties to Blackstone for Rs 2,700 crore



After promoting a 50 per cent stake in Mumbai and Gurugram business properties to US-based fund supervisor Blackstone one and a half years in the past, Indiabulls Actual Property bought the remaining stake to the previous for Rs 2,717 crore.


Indiabulls Actual Property has bought a 50 stake in Indiabulls One Centre and Indiabulls Finance Centre within the Decrease Parel space of Mumbai and a business property in Gurugram to Blackstone.


In March final yr, Indiabulls bought 50 per cent in the identical Mumbai properties to Blackstone for Rs 4,750 crore at an enterprise valuation of Rs 9,500 crore. Indiabulls stated the fairness worth within the deal was Rs 2,250 crore and the remaining was the switch of debt.


In response to sources, it’s Indiabulls bigger plans to exit actual property earlier than its proposed merger with Laxmi Vilas Financial institution. In June, Embassy Property Developments purchased 14 per cent of the promoters’ stake in Indiabulls Actual Property. Embassy has not but purchased the remaining promoters stake within the agency as deliberate earlier.


The acquisition of stake would give Blackstone full management and possession in Indiabulls business workplace portfolio of 5 million sq. toes. Indiabulls bought 50 per cent in Gurugram properties to Blackstone for an enterprise valuation of Rs 464 crore. Later it purchased Indiabulls’ workplace park in Chennai for Rs 900 crore.


In response to sources, Blackstone may put the property within the listed actual property funding belief (REIT). Nevertheless, it couldn’t be independently verified.


Indiabulls and its subsidiaries are additionally within the strategy of finalising a take care of Blackstone to divest direct or oblique stake in business property at Worli Mumbai, rights or stake in Okay G Marg, New Delhi and Sector 104 & Sector 106, Gurugram, the corporate stated. “This has generated important monetary assets for the corporate in direction of reaching its objective of zero web debt in present monetary yr,” the corporate stated. Indiabulls Actual Property had whole debt of Rs 4,590 crore in FY19.


The deal is anticipated to assist Blackstone consolidate its place as the biggest business property landlord within the nation and owns over 70 million sq. toes of economic properties. It has invested over $6 billion within the business properties within the nation.


It, together with its companion Embassy group, floated the nation’s first actual property funding belief or REIT within the nation and raised Rs 4,750 crore. It has a portfolio of 33 million sq. toes in Mumbai, Bengaluru and so forth. Two of Blackstone’s different companions comparable to Mumbai-based Okay Raheja Corp and Bengaluru-based Salarpuria Sattva are additionally gearing as much as float REITs within the nation.

The story thus far


  • In March 2018, Indiabulls bought 50% stake in Mumbai properties to Blackstone for Rs 2,250 crore

  • In 2018, Indiabulls bought 50% stake in Gurugram properties to Blackstone for an enterprise worth of Rs 464 crore

  • It’s a part of Indiabulls’ bigger plan to exit the realty enterprise earlier than the proposed merger with Laxmi Vilas Financial institution

  • In June, Embassy purchased 14% of promoters’ stake in Indiabulls Actual Property

  • Blackstone additionally purchased Indiabulls’ workplace park in Chennai for Rs 900 crore

  • Blackstone may put the property within the listed REIT of Embassy Workplace Parks

  • Blackstone owns over 70 million sq ft of economic properties and invested $6 bn



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