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Indiabulls closes sale of stakes in property JVs, units to Blackstone

Indiabulls Real Estate Ltd. completed a deal to sell its remaining stakes in property development joint venture companies and its certain subsidiaries to Blackstone Group Inc.-controlled entities for a combined equity value of roughly 27.17 billion rupees.

The India-based property group sold interests in the Yashita Buildcon Ltd. and Ashkit Properties Ltd. partnerships that it launched in a joint venture with the private equity group. The two joint venture companies own real estate assets at Udyog Vihar in Gurugram, India, according to a Sept. 25 filing.

The deal also included the sale of the group's subsidiaries, Indiabulls Properties Pvt. Ltd. and Indiabulls Real Estate Co. Pvt. Ltd., to Blackstone entities.

The Indian group said it is also in the process of completing an agreement with Blackstone for the sale of its direct or indirect stake in commercial property assets at Worli Mumbai, as well as its rights or stake in K.G. Marg in New Delhi and Sector 104 & Sector 106 in Gurugram.

As of Sept. 25, US$1 was equivalent to 71.05 Indian rupees.