Indiabulls Real Estate Ltd (IBREL)  has sold its remaining stake in commercial office assets in Gurugram and central Mumbai to Blackstone Group LP for an aggregate equity value of around Rs 2717 crore.
The Mumbai-based developer has sold the stake in existing joint venture companies Yashita Buildcon Ltd and Ashkit Properties Ltd, which own assets in Udyog Vihar, Gurugram and certain subsidiaries in Indiabulls Properties Private Ltd and Indiabulls Real Estate Company Pvt Ltd, that own assets at Lower Parel, Mumbai to Blackstone, IBREL said. On 25 September, the divestment of these assets was concluded.
The process of finalizing a transaction of IBREL and its subsidiaries with Blackstone to divest direct or indirect stake in commercial assets at Worli Mumbai, rights or stake in K.G. Marg, New Delhi and Sector 104 & Sector 106, Gurugram.
Once the Worli and Gurugram deals are concluded, the entire strategic stake divestment to Blackstone will be of the equity value of Rs 4420 crore, IBREL had said on 10 September.
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