Mumbai-based Indiabulls Real Estate Ltd has sold its remaining commercial projects to private equity firm Blackstone Group for Rs 810 crore ($113 million).
The transaction involved the developer divesting its stake in Mariana Infrastructure Ltd, which owns a commercial project in Gurugram and a land parcel in Mumbai, Indiabulls said in a statement.
The development marks yet another deal between Blackstone and Indiabulls Real Estate.
Earlier this year, the PE firm had bought the 50% stake it didn’t already own in a bunch of office properties from Indiabulls. The deal for the first 50% was struck in early 2018.
Blackstone has been an aggressive investor in India's real estate market. It has snapped up a bunch of commercial properties lately, adding to its massive portfolio of rent yielding properties.
Recently, it completed a deal to buy One BKC from Radius Group for $357 million. It is also in the process of acquiring Coffee Day Enterprises Ltd’s office project in Bengaluru for $379 million.
Indiabulls Group had started the process of exiting its real estate business with an aim to merge with Lakshmi Villas Bank. As part of the process, it had also sold a 14% stake in the company to Embassy Group Earlier this year.
As per the original plan, Embassy had to buy the remaining 24% held by promoters in Indiabulls Real Estate and follow it up with an open offer. However, that plan did not pan out as expected after the Reserve Bank of India blocked the merger of Indiabulls Group with Lakshmi Villas Bank.
