Indiabulls Real Estate sells 50% stake in 2 office assets in Gurugram2 min read . Updated: 21 Dec 2018, 12:19 PM IST
Indiabulls Real Estate Thursday said it has sold 50 per cent stake in two office assets in Gurugram to global private equity firm Blackstone at an enterprise value of ₹464 crore
New Delhi: Indiabulls Real Estate Thursday said it has sold 50 per cent stake in two office assets in Gurugram to global private equity firm Blackstone at an enterprise value of ₹ 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 8 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 ₹ 464 crore".
The company said the closing is expected to take place within the current financial quarter.
Earlier this year, Indiabulls had sold 50 per cent stake in its two prime commercial assets in Mumbai to Blackstone for an enterprise value of ₹ 9,500 crore.
Indiabulls has an equal joint venture with Blackstone. The JV has 3.3 million sq ft completed asset with annuity income of ₹ 670 crore, while 0.8 million sq ft is under construction with expected rental income of ₹ 172 crore.
Moreover, the company in July executed definitive transaction documents with the entities controlled by Blackstone Group by which the company will divest 100 per cent stake in the non-core commercial assets in Chennai.
It earns a rental income of ₹ 85 crore from 1.9 million sq ft leased area in ‘One Indiabulls Park’ project at Chennai.
On rental business, the company had said in an annual report that it would continue to sell owned and completed office properties to investors as it has done with Blackstone. The funds raised would be used to acquire assets.
Recently, Indiabulls Real Estate said it will acquire 140 acre land at Manesar in Gurugram to develop an integrated township and commercial building.
Indiabulls Real Estate reported a 23 per cent increase in its consolidated net profit at ₹ 75.91 crore for the quarter ended September 30. Its net profit stood at ₹ 61.64 crore in the year-ago period.
Net sales jumped more than two-fold to ₹ 1,040.41 crore for the second quarter of this fiscal from ₹ 470.77 crore in the corresponding period of the previous year.
Indiabulls Real Estate has fully paid land bank of 1,046 acres in key cities across India, of which more than 95 per cent is in high-value super-metro cities – Mumbai (MMR), National Capital Region (NCR) and Chennai. In addition, the company also possesses 2,588 acres of SEZ land in Nashik, Maharashtra.
This story has been published from a wire agency feed without modifications to the text.