Indiabulls Real Estate Ltd To Sell Gurugram, Mumbai Properties To Blackstone For Rs 810 Cr

New Delhi: Indiabulls Real Estate Ltd (IBREL) has signed agreements with Blackstone Group to sell its commercial projects in Gurugram and Mumbai for an enterprise value of Rs 810.7 crore.

IBREL today said that the company and some of its subsidiaries have entered into definitive agreement with firms controlled by Blackstone Group to divest the entire stake in Mariana Infrastructure Ltd (that owns a commercial project at Gurugram) and the commercial assets at Mumbai, at an aggregate enterprise value of Rs 810.7 crore.

"Commercial assets/development at Mumbai is being divested through slump sale by the subsidiary of the company, which owns this Project, at an aggregate enterprise value of Rs 675 crore," the company said in filing to the BSE. 

The company has been selling some of its commercial buildings to Blackstone Group to cut its debt.

In June 2019, the promoters of Indiabulls Real Estate had sold off 14 percent stake in the company to Embassy Group for Rs 950 crore.