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Report: Blackstone seeks Indiabulls Real Estate assets buyout in 48B-rupee deal

U.S.-based private equity giant Blackstone Group Inc., which acquired a 50% stake in Indiabulls Real Estate Ltd.'s commercial properties in March 2018 for approximately 47.50 billion Indian rupees, is poised to buy out the portfolio in a 48.00-billion-rupee deal, The Economic Times of India reported, citing three people with knowledge of the matter.

One of the unnamed sources told the publication that the companies have agreed in principle to close the buyout deal, with completion expected "over the next few weeks."

The move is part of Indiabulls parent's plan to exit the real estate market and focus on financial services as it seeks to merge with Lakshmi Vilas Bank Ltd.

Indiabulls intends to use the proceeds from the potential buyout deal to fully repay its debt.

Blackstone expects to add the Indiabulls assets to the portfolio of Embassy Office Parks REIT, its joint venture with Embassy Group.

Blackstone declined to comment, while Indiabulls did not respond to queries, the publication noted.

As of Aug. 2, US$1 was equivalent to 69.69 Indian rupees.