U.S.-based venture capital firm Blackstone Group has agreed to purchase up to 50 percent stake in two commercial properties in Gurugram from Indian real estate investment trust Indiabulls Real Estate Ltd.
Blackstone Group will pay 464 crore rupees (around $66 million) to Indiabulls. The transaction Indiabulls' expected to expand its joint venture portfolio with Blackstone.
In March, Blackstone sold off its 50 percent stake each in Indian property developer Indiabulls Properties Pvt. Ltd and Indiabulls Real Estate Co. for around $1.46 billion.
Shortly after, Blackstone Group agreed to pay $123 million for a commercial property in Chennai to Indiabulls Real Estate Ltd.