Indiabulls Real Estate Ltd. is paying Farallon Capital Management LLC approximately $250 million for its stake in Indiabulls Properties Investment Trust, which delisted in December 2017, The Economic Times of India reported.
The buyout will give Indiabulls Real Estate full ownership of the commercial office rental business and will allow it to sell Indiabulls Properties to Blackstone Group LP, unnamed sources said, according to the March 1 report. It is tipped that Blackstone is buying the Singapore-based subsidiary's stakes in two business parks.
Earlier, the publication reported, citing "people aware of the matter," that Blackstone might be paying up to $650 million for a 49% stake in the business. The approximately $1.2 billion office rental portfolio in India includes stakes in One Indiabulls Centre and Indiabulls Finance Centre in Mumbai, One 09 building in Gurgaon, and One Indiabulls Park in Chennai.
The sale of Indiabulls Properties is part of the Indian developer's plan to shed its stake in at least three subsidiaries. Indiabulls Real Estate is also planning to exit the property market of Chennai.
