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Indiabulls Real estate initiates sale of non-core assets in Chennai; Share gains 3.5%

IBR has authorized execution of non-binding documents with third party institutional investor for sale of its commercial assets at Ambattur, Chennai.

Indiabulls Real Estate Ltd (IBR), a Mumbai based realty company, has initiated sale of commercial assets in Chennai, which constitutes non-core business operations for the company.

In a statement to the stock exchanges late Thursday evening, IBR said that it has authorized execution of non-binding documents with third party institutional investor for sale of its commercial assets at Ambattur, Chennai, being a non-core real estate business operations for the company.

This transaction is in line with the company’s plan to re-organize commercial leasing business in India in order to achieve sustainable growth and further strengthen its on-going businesses, in its core markets.

In February this year, IBR said that it will evaluate and finalize options available for sale of its residential and commercial assets in Chennai. The company considers Chennai to be a non-core market for its real estate business operations.
Indiabulls Real Estate Ltd is currently trading at Rs211.40 up by Rs6 or 2.92% from its previous closing of Rs205.40 on the BSE.