Indiabulls Real Estate to sell commercial assets to The Blackstone Group
The commercial assets at Mumbai are being divested through slump sale by the subsidiary of the company
Indiabulls Real Estate has entered into agreements to sell commercial projects in Mumbai and Gurugram to global investment firm Blackstone for Rs 811 crore.
Indiabulls Real Estate has signed pacts with companies run by The Blackstone Group to sell its stake in Mariana Infrastructure and the commercial assets in Mumbai, Maharashtra, for a total value of Rs 810.7 crore, subjected to requisite approvals. Mariana Infrastructure owns a commercial project in Gurugram, Haryana.
Indiabulls Real Estate and its certain subsidiaries have entered into definitive agreements with entities controlled by The Blackstone Group to divest the entire stake in Mariana Infrastructure and the commercial assets at Mumbai at an aggregate enterprise value of approximately Rs 810.7 crore, subject to closing adjustments, if any. The sale of the properties is expected to be completed by 31 December 2019.
The commercial assets at Mumbai are being divested through slump sale by the subsidiary of the company, which owns this project, at an aggregate enterprise value of Rs 675 crore.