Indiabulls Real Estate (IBREL) announced the sale of its office project in Chennai to global investor Blackstone for Rs 850 crore as part of its strategy to monetize the commercial asset.
The company had in March this year sold 50 percent stake in two prime commercial properties in Mumbai to Blackstone for Rs 4,750 crore.
In a filing to BSE, IBREL informed that a committee, constituted by the board,
has authorized execution of definitive transaction documents with Blackstone group firms for divestment of its 100 percent stake in its commercial assets at Ambattur, Chennai.
The deal will fetch a “gross value of approximately Rs 850 crore”, the company said, adding that this asset was non-core.
The transaction is expected to be completed in tranches by September 30, 2019.
The Chennai project ‘One Indiabulls Park’ is already complete with 1.9 million sq ft office space commanding an annual annuity revenue of Rs 85 crore.
The shareholders had given approval for re-organization of its commercial leasing business in India for achieving sustainable growth and for further strengthening of its on-going businesses in core markets, the filing said.