Indiabulls Real Estate to sell office space to Blackstone for Rs 8.5 bn

Blackstone has invested over $5 billion across 30 real estate investments, of which $3.7 billion is in office space. It has built a portfolio of 78 million sq ft with its partners

US-based private equity fund manager Blackstone will buy a commercial property in Chennai from Indiabulls Real Estate for Rs 8.5 billion.
 
The transaction is part of Indiabulls Real Estate’s strategy to reorganise commercial leasing business for strengthening its on-going businesses, in its core markets, the company said on Friday. The transaction is expected to be completed in tranches by September 30, 2019, a PTI report said.
 
The property, One Indiabulls Park, is located in Ambattur area of Chennai and covers an area of a 1.9 million sq ft and is rented out to companies such as Royal Bank