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‘One Indiabulls Park’ In Chennai To Be Sold To Blackstone.

Courtesy/By: Snigdha Kashyap | 15 Jul 2018

Indianbulls Real Estate (IBREL) on Friday announced sale of its Chennai office project to global investor Blackstone for Rs 850crore as a part of its strategic move.

The company in the march had sold 50% stake of its two prime commercial property in Mumbai to Blackstone for Rs 4750crore.

IBREL has informed BSE that a committee, constructed by the board, has authorized execution with Blackstone group for disinvestment of its 100% stake in its commercial assets at Ambattur Chennai. This deal will fetch a “gross value of approximately Rs 850 crore.”

The transaction is expected to be completed by 30 September 2019.The Chennai project ‘One Indiabulls Park’ is already complete with 1.9million sq ft office space.

The US based Blackstone directly and indirectly along with its joint venture partner Embassy Group is currently holding up huge commercial assets of over 60million sq across major cities.

Courtesy/By: Snigdha Kashyap | 15 Jul 2018