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Indiabulls Real Estate jumps 4% on selling stake in 2 office assets to Blackstone

The company has entered into non-binding agreement with the Blackstone Group L.P. to divest up to 50 per cent stake in two office assets in Udyog Vihar, Gurugram, at an aggregate enterprise value of approximately Rs 464 crore.

twitter-logoBusinessToday.In | December 21, 2018 | Updated 12:46 IST
Indiabulls Real Estate jumps 4% on selling stake in 2 office assets to Blackstone

Shares of Indiabulls Real Estate surged 4 per cent in early deals on Friday after the country's third largest real estate company sold its 50 per cent stake in two office spaces in Gurugram to the US-based Blacktone Group for Rs 464 crore. "The company has entered into non-binding agreement with the Blackstone Group L.P., a globally renowned real estate private equity investor, to divest up to 50 per cent stake in two office assets in Udyog Vihar, Gurugram, at an aggregate enterprise value of approximately Rs 464 crore" Indiabulls Real Estate said in a filing to the Bombay Stock Exchange.

The company's leasable office space in Gurugram is 784,000 sq ft. Subject to satisfaction of customary conditions, the closing of transaction is expected to take place within the current financial quarter, the company said in a filing to the exchange.

Following the announcement, shares of the company gained as much as 3.97 per cent to touch an intra-day high of Rs 95.50 apiece on the BSE, after making a positive start at Rs 94.40 against previous closing price of Rs 91.85.

In a similar trend, stocks of the firm were trading at Rs 92.80, up 0.32 per cent on the National Stock Exchange.

Also Read:Sensex, Nifty open lower as Asian markets sink for second day post Federal Reserve rate hike

Earlier in July this year, the Mumbai-based realty company had inked a deal with Blackstone Group LP to divest 100 per cent stake in its commercial assets at Ambattur, Chennai, for a gross value of Rs 850 crore.

Also Read: Sensex top stocks: This stock has risen 30% in 10 days

Recently, Indiabulls Real Estate Limited, through its wholly-owned subsidiary Loon Land Development Limited, entered into definitive agreement to acquire a land development rights on nearly 140 acre land, situated at Sector 79, Manesar, Gurugram, for development of integrated township and commercial building.

Meanwhile, BSE Sensex is trading at 36,010.46, down 421.21, or 1.16 per cent, from its previous close of 36,431.67, tracking weak cues from Asian peers amid a hike in key interest rates by the US Federal Reserve.

Edited by Chitranjan Kumar

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