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Report: Blackstone buying 49% stake in Indiabulls' office rental biz

Blackstone Group LP is in discussions to buy a 49% stake in Indiabulls Real Estate Ltd.'s office rental business in a deal between $600 million to $650 million, with talks said to be in the final stages, The Economic Times of India reported, citing "people aware of the matter."

The New York-based private-equity giant is looking to increase its portfolio before a planned real estate investment trust listing in India, according to a report.

One of the sources said a definitive agreement could be signed before March 31, the report noted.

The deal would value the Indian residential and commercial real estate developer's entire office rental portfolio at roughly $1.2 billion. It would include properties in Mumbai such as One Indiabulls Centre and Indiabulls Finance Centre. It would also include the One 09 building in Gurgaon and One Indiabulls Park in Chennai.

Indiabulls is the third largest real estate company in India in terms of net worth and assets, according to the report.

Blackstone declined to comment and Indiabulls did not respond to queries, according to the Feb. 21 report.