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Blackstone to acquire Indiabulls' stakes in commercial, leasing business assets

Indiabulls Real Estate Ltd. and certain of its subsidiaries agreed to sell all of their direct and indirect stakes in certain commercial and leasing business assets to entities controlled by Blackstone Group Inc. for about 44.2 billion Indian rupees in equity value.

Indiabulls will sell its interests in existing joint ventures with the private equity giant, including Indiabulls Properties Pvt. Ltd. and Indiabulls Real Estate Co. Pvt. Ltd., Yashita Buildcon Ltd. and Ashkit Properties Ltd. It will also sell stakes in commercial properties and developments in Mumbai; its rights or stake in K.G. Marg in New Delhi and Sector 104 and 106 in Gurugram.

The transaction, which is subject to execution of agreements and normal closing conditions, is anticipated to close very soon.

As of Sept. 11, US$1 was equivalent to about 71.70 Indian rupees.