Bengaluru: Indiabulls Real Estate Ltd (IBREL) has entered into a definitive transaction with Bengaluru-based developer Ozone Group to sell its residential township project Indiabulls Greens in Chennai for Rs285 crore, said two people familiar with the transaction, who did not wish to be named.
This is in line with the Mumbai-based firm’s strategy to exit Chennai, a non-core market for the company’s real estate business.
“The company has entered into definitive transaction document(s) to sell its stake in its wholly owned subsidiaries, namely Selene Estate Ltd and Airmid Infrastructure Ltd (owning residential assets in Chennai) to a third-party investor, for an aggregate consideration of Rs285 crore," IBREL said in a notice to BSE on Monday.
It did not disclose the name of the buyer. The transaction is expected to be concluded by March-end.
IBREL has one residential township project—Indiabulls Greens—in Chennai. The project, which has around 2.07 million sq. ft of saleable area, will be developed in four phases, of which the first phase has been delivered.
An Ozone spokesperson could not be reached for comment till the filing of this report.
Ozone has a 45-acre township project Metrozone in Chennai and is also developing a 150-acre mixed-use township project Urbana in Bengaluru.
In another transaction, Indiabulls is also planning to monetise the One Indiabulls Park project in Chennai’s Ambattur area, which has 2 million sq. ft of leasable area.
Last week, IBREL said it has executed definitive transaction documents with global private equity investor Blackstone Group Lp to divest 50% stake in subsidiaries Indiabulls Properties Pvt. Ltd and Indiabulls Real Estate Co. Pvt. Ltd at an aggregate enterprise value of $1.46 billion or Rs9,500 crore.