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Indiabulls Real Estate to acquire commercial building in Gurugram; stock gain

Indiabulls Real Estate, a Mumbai based realty company announced that its wholly-owned subsidiary Manjola Infrastructure Ltd will acquire a commercial building in Gurugram with a leasable area of 2.5 lakh sq.ft. for an undisclosed amount.

In a statement to the stock exchanges on Saturday, IBREL said that its wholly owned subsidiary Manjola Infrastructure Ltd, has entered into a binding agreement to acquire prime and newly constructed land commercial building in Gurugram, having a leasable area of 2.5 lakh sq.ft.

The deal is expected to be completed in 3-4 months when the occupation certificate of this building is expected to be received. The building is situated at a developed prime commercial location, where many leading multi-nationals are operating in the vicinity. With the additional leasable area, the company expects to enhance its annuity revenue to Rs1,547cr in FY20-21 from the rental properties portfolio of IBREL.

Shares of IBREL traded at Rs191.15, up Rs1.30 or 0.7% from its previous close of Rs190.15 on BSE.