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Blackstone group in talks to buy 49% stake in Indiabulls’ office rental business; Stock up 5%

US-based private equity firm Blackstone Group is in talks to acquire 49% stake in the office rental business of Indiabulls Real Estate Ltd, according to media reports.

The deal is valued at $600-$650million and is likely to value the entire portfolio at around $1.2billion, as per reports.

Under the proposed deal, Blackstone is expected to acquire major properties in Mumbai’s Lower Parel such as One Indiabulls Centre and Indiabulls Finance Centre, besides the One 09 building in Gurgaon and One Indiabulls Park in Chennai.

Indiabulls Real Estate has a well-diversified presence in both commercial and residential real estate development. Commercial projects constituted 8% and residential formed 92% of its total revenues as of Q3FY18.

The company’s strategic focus is in key markets of Mumbai Metropolitan region and National Capital Region. The company has over 15 ongoing projects with a total saleable area of 33.91mn sq.ft as of Q3FY18. The estimated net surplus value of its total saleable area is Rs16,164cr.

Indiabulls Real Estate Ltd is currently trading at Rs209.40, up 4.99% over its previous close of Rs199.45 on BSE.