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Indiabulls closes 4.6B-rupee sale of 50% stake in 2 Indian offices

Indiabulls Real Estate Ltd. wrapped up the disposal of 50% stake in two office assets in Gurugram, India, to Blackstone Group LP-controlled entities for a total enterprise value of 4.64 billion rupees.

The two properties in the city's Udyog Vihar area provide a total of 784,000 square feet of leasable office space, according to a release.

Indiabulls added that its two wholly owned subsidiaries, M/s Ashkit Properties Ltd. and M/s Yashita Buildcon Ltd., became joint venture partners as a result of the deal.

As of Jan. 1, US$1 was equivalent to 69.46 rupees.