Indiabulls sells Chennai residential assets for Rs285 crore

Blackstone recently signed a definitive agreement with Indiabulls Real Estate to buy a 50% stake in the latter’s prime office assets in Mumbai for around $730 million

Blackstone recently signed a definitive agreement with Indiabulls Real Estate to buy a 50% stake in the latter’s prime office assets in Mumbai for around $730 million

Indiabulls Real Estate is looking to sell its Chennai commercial asset One Indiabulls Park for around Rs 1,200 crore, according to a report.

The realty major has also sold its Chennai residential development project for around Rs 300 crore as part of its asset monetisation plan.

The company is in advanced talks with global private equity (PE) houses like Blackstone Group, Brookfield Asset Management and Xander Group, sources said.

Shares of Indiabulls Real Estate rose on divestment deal with Blackstone.

Indiabulls Real Estate said in a regulatory filing over the weekend that it had signed definitive agreements with entities controlled by Blackstone to "indirectly divest" 50 percent of two units at an aggregate enterprise value of about $1.46 billion but did not name the real estate assets. Subject to satisfaction of closing conditions, the Transaction is expected to be concluded during this financial year.

Substantial part of sale proceeds would be utilized towards repayment of existing debts of the Company and its subsidiaries, and for achieving sustainable long term growth and for further strengthening of their on-going businesses.

The residential development Indiabulls Greens, Chennai, has 2.07 million sq ft of saleable area and according to the company's most recent earnings release, around 63% of the project is sold and handover of flats has begun.

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