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Blackstone may buy out Indiabulls Real Estate's commercial properties

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Blackstone Group is set to buy the remaining 50 per cent stake in Indiabulls Real Estate's commercial properties for about 48 billion rupees (S$952 million), the Economic Times (ET) reported on Monday.

[BENGALURU] Blackstone Group is set to buy the remaining 50 per cent stake in Indiabulls Real Estate's commercial properties for about 48 billion rupees (S$952 million), the Economic Times (ET) reported 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 a 50 per cent stake in two units at an aggregate enterprise value of about US$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.

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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 , ET said, adding the deal is expected to be concluded over the next few weeks.

 

REUTERS