Indiabulls to sell commercial properties to Blackstone for Rs 810 cr

Indiabulls Real Estate has already sold its key commercial properties in Mumbai such as Indiabulls One and Indiabulls Finance Centre and properties in Chennai to Blackstone.

Indiabulls Real Estate said on Monday it would sell its commercial properties in Mumbai and Gurugram to US-based private equity fund manager Blackstone for Rs 810 crore.

Indiabulls will sell its entire stake in Mariana Infrastructure, which owns a commercial office project in Gurugram. In Mumbai, it will sell a land parcel meant for commercial projects near its Blu property in Worli area. The property in Mumbai holds an enterprise value of Rs 675 crore. This is part of the company’s plans to exit commercial properties and become debt free, a source in the know said. As of September 30, 2017,