Blackstone may buy out Indiabulls Real Estate's commercial properties -ET

Embassy Developments

05/08/2019 05:01

Aug 5 (Reuters) - Blackstone Group  BX.N  is set to buy the
remaining 50% stake in Indiabulls Real Estate's  INRL.NS 
commercial properties for about 48 billion rupees ($688.8
million), the Economic Times (ET) reported https://economictimes.indiatimes.com/industry/services/property-/-cstruction/blackstone-indiabulls-set-for-rs-4800-cr-realty-deal/articleshow/70528814.cms
 on Monday.
    The deal, which will give the private-equity giant full
control of the portfolio, is expected to be concluded over the
next few weeks, ET reported citing sources with direct knowledge
of the matter. 
    Blackstone bought https://in.reuters.com/article/indiabulls-real-blackstone-group-deals/blackstones-indiabulls-deal-includes-two-mumbai-office-properties-sources-idINKBN1H10DV
 a 50% stake in two units at an aggregate enterprise value of
about $1.46 billion early last year.
    The PE firm is expected to add the assets to the portfolio
of Embassy Office Parks Real Estate Investment Trust (REIT), its
joint venture with Bengaluru-based realty developer Embassy
Group, the paper said.
    The latest transaction is part of the Indiabulls Group's
strategy of exiting real estate completely and focusing on
financial services as it seeks to merge with Lakshmi Vilas Bank
 LVLS.NS , ET said, adding the deal is expected to be concluded
over the next few weeks.
 ($1 = 69.6900 Indian rupees)

 (Reporting by Derek Francis in Bengaluru; editing by Gopakumar
Warrier)
 ((derek.francis@thomsonreuters.com; +91-9986311363; Tweet to
@derekfrancis089 LinkedIn: https://www.linkedin.com/in/derek-francis/;))