Indiabulls Real Estate sells commercial assets to Blackstone for Rs 810 cr

Realty firm Indiabulls Real Estate Ltd has agreed to sell commercial projects in Mumbai and Gurugram to global investment firm Blackstone for an enterprise value of Rs 810.7 crore.

The Mumbai-based developer said that the company and its certain subsidiaries, have entered into definitive agreement(s) with entities controlled by The Blackstone Group to divest the entire stake in Mariana Infrastructure Limited (which owns commercial project at Gurugram) and the commercial assets/development at Mumbai, at an aggregate enterprise value of about Rs 810.7 crore.

"Commercial assets/development at Mumbai is being divested through slump sale by the subsidiary of the company, which owns this Project, at an aggregate enterprise value of Rs 675 crore," the company said in a regulatory filing.

Indiabulls has been selling its completed as well as ongoing commercial assets to Blackstone to reduce its debt.

In June this year, Indiabulls Real Estate promoters had sold 14 per cent stake in the company through open market transactions to Embassy Group for Rs 950 crore as part of its strategy to focus on financial services and exit the realty business.

At the end of the last financial year 2018-19, the company's total net debt stood at Rs 4,590 crore.