Indiabulls to sell 50% stake in two office properties in Gurugram

Indiabulls Real Estate Ltd Friday announced plans to sell 50 per cent stake in two office assets in Gurugram to a global investment firm.

In a regulatory filing, the Mumbai-based developer said it has "entered into a non-binding term sheet with a globally renowned real estate investor to divest its 50 per cent stake in two office assets in Udyog Vihar, Gurugram, aggregating 7,84,000 sq ft leasable office space".

The company did not name the global investor and disclose the deal value.

Market experts said that deal value could be at an enterprise value of Rs 500 crore.

Earlier this year, Indiabulls had sold 50 per cent stake in its two prime commercial assets in Mumbai to Blackstone for an enterprise value of Rs 9,500 crore.

Indiabulls has an equal joint venture with global private equity firm Blackstone. The JV has 3.3 million sq ft completed asset with annuity income of Rs 670 crore, while 0.8 million sq ft is under construction with expected rental income of Rs 172 crore.

Moreover, the company in July executed definitive transaction documents with the entities controlled by Blackstone Group by which the company will divest 100 per cent stake in the non-core commercial assets in Chennai. It earns a rental income of Rs 85 crore from 1.9 million sq ft leased area in 'One Indiabulls Park' project at Chennai.

On rental business, the company has said in an annual report that it would continue to sell owned and completed office properties to investors as it has done with Blackstone. The funds raised will be used to acquire assets.

Recently, Indiabulls Real Estate Tuesday said it will acquire 140 acre land at Manesar in Gurugram to develop an integrated township and commercial building.

Indiabulls Real Estate recently reported a 23 per cent increase in its consolidated net profit at Rs 75.91 crore for the quarter ended September 30. Its net profit stood at Rs 61.64 crore in the year-ago period.

Net sales jumped more than two-fold to Rs 1,040.41 crore for the second quarter of this fiscal from Rs 470.77 crore in the corresponding period of the previous year.

Indiabulls Real Estate has fully paid land bank of 1,046 acres in key cities across India, of which more than 95 percent is in high-value super-metro cities Mumbai (MMR), National Capital Region (NCR) and Chennai. In addition, the company also possesses 2,588 acres of SEZ land in Nashik, Maharashtra.