Indiabulls sells 50% stake in 2 office assets for Rs 464 cr

Chennai: Country’s third largest real estate major Indiabulls has sold 50 per cent stake in two office assets in Gurugram to global private equity firm Blackstone at an enterprise value of Rs 464 crore.

In November, the company had announced signing of a non-binding term sheet to divest 50 per cent stake in these two assets having nearly eight lakh sq ft leasable area.

In a filing to the BSE, Indiabulls Real Estate informed that it has “entered into definitive transaction document(s) with entities controlled by The Blackstone Group L.P… to divest up to 50 per cent stake in two office assets in Udyog Vihar, Gurugram…, at an aggregate enterprise value of approximately Rs 464 crore”.

The company said the closing is expected to take place within the current financial quarter.

Indiabulls has an equal joint venture with Blackstone as earlier this year, it had sold 50 per cent stake in its two prime commercial assets in Mumbai to the latter for an enterprise value of Rs 9,500 crore.

The JV has 3.3 million sq ft completed asset with annuity income of Rs 670 crore, while 0.8 million sq ft is under construction with expected rental income of Rs 172 crore.

The company had in July executed definitive transaction documents with the entities controlled by Blackstone Group, by which it will divest 100 per cent stake in the non-core commercial assets in Chennai.

It currently earns a rental income of Rs 85 crore from the 1.9 million sq ft leased area in One Indiabulls Park at Chennai.

Indiabulls Real Estate reported a 23 per cent increase in its consolidated net profit at Rs 75.91 crore for the quarter ended 30 September. Its net profit stood at Rs 61.64 crore in the year-ago period while net sales jumped more than two-fold to Rs 1,040.41 crore.

NT Bureau