Indian residential and commercial property investment firm Indiabulls Real Estate (RE) Ltd., part of Indiabulls Group, has sold its remaining stake in commercial office assets in Gurugram and central Mumbai.
Under the deal, Indiabulls RE sold the stake in existing joint venture (JV) companies, Yashita Buildcon Ltd and Ashkit Properties Ltd., to New York-based asset manager Blackstone Group LP for around 2717 crore rupees ($383 million).
The JV companies own assets in Udyog Vihar, Gurugram and certain subsidiaries in Indiabulls Properties Private Ltd. and Indiabulls Real Estate Co. Pvt Ltd, that own assets at Lower Parel, Mumbai to Blackstone.
More so, the transactions are part of Indiabulls Group’s larger plan to exit the real estate business and the proposed merger with Laxmi Vilas Bank.