Blackstone to acquire 50% stake in Indiabulls Real Estate for Rs 4,800 crore
US-based private equity giant Blackstone Group is set to acquire the remaining 50% stake in Indiabulls Real Estate’s commercial properties for around Rs 4,800 crore, said three persons with direct knowledge of the development. The deal is pegged as one the country’s largest real estate portfolio transactions. This will give Blackstone full control of the portfolio and further strengthen its position as the country’s largest commercial property owner. Blackstone had concluded a similar deal for a 50% stake in this portfolio for nearly Rs 4,750 crore in March 2018. The transaction is part of the Indiabulls Group’s strategy of exiting real estate completely and focusing on financial services as it seeks to merge with Lakshmi Vilas Bank. Also, Indiabulls Real Estate is planning to utilise the proceeds from this deal to repay its debt and bring it down to zero.
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