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

Indiabulls Real Estate Monday said it has divested up to 50 per cent stake in two office assets in Gurugram at Rs 464 crore to the entities controlled by The Blackstone Group.

With this, the company's existing wholly-owned subsidiaries Ashkit Properties Ltd and Yashita Buildcon Ltd have become joint ventures, Indiabulls Real Estate said in a BSE filing.

"The company has divested up to 50 per cent stake in two office assets in Udyog Vihar, Gurugram (aggregating 784,000 sq ft leasable office space) at an aggregate enterprise value of approximately Rs 464 crore to the entities controlled by The Blackstone Group L.P., which is a globally renowned real estate private equity investor," the company said.