Indiabulls Real Estate to divest stake in two office assets in Gurugram

Photo: Reuters

Indiabulls Real Estate Ltd (IBREL) on Friday announced that it is divesting a 50 per cent stake in two office assets in Gurugram to a global investment firm.

“The company has entered into a non-binding term sheet with a globally renowned real estate investor to divest its 50 per cent stake in two office assets in Udyog Vihar, Gurugram, aggregating 784,000 sq ft leasable office space, which are presently owned by the company through its wholly owned subsidiaries,” it said in a BSE filing.

The company, however, did not disclose the buyer’s name or the deal value. The transaction is expected to be concluded within the current quarter, subject to satisfaction of customary conditions and approvals, it added.

The announcement came two days after the Mumbai-based developer said that it will acquire a 140-acre plot at Manesar in Gurugram to develop an integrated township and commercial building. The company has also been selling its housing and commercial assets in Chennai as it looks to exit non-core markets and restructure its business.

In July, IBREL announced the sale of commercial assets at Ambattur, Chennai, to global private equity investor Blackstone Group for nearly $124 million (Rs 850 crore). In May, IBREL sold off its 1.9 million sq. ft office park, One Indiabulls Park, in Chennai to Blackstone in a deal valued at Rs 900 crore.

In March, the company executed definitive transaction documents with Blackstone to divest 50 per cent stake in subsidiaries Indiabulls Properties Pvt. Ltd and Indiabulls Real Estate Co. Pvt. Ltd at an aggregate enterprise value of Rs 9,500 crore. The same month, it sold its residential township project Indiabulls Greens in Chennai to Bengaluru-based developer Ozone Group for Rs 285 crore.

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