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Indiabulls selling 50% stake in 2 offices to Blackstone for 4.6B Indian rupees

Indiabulls Real Estate Ltd. signed a definitive deal for the sale of 50% stake in two office assets at Udyog Vihar in Gurugram, India, to Blackstone Group LP-controlled entities for a total enterprise value of 4.64 billion Indian rupees.

The Indian company owns the two properties, which total 784,000 square feet of leasable office space, via its wholly owned subsidiaries, according to a release.

The deal is scheduled to close by December-end, subject to customary closing conditions.

As of Dec. 20, US$1 was equivalent to 69.99 Indian rupees.