INSUBCONTINENT EXCLUSIVE:
Indiabulls Real Estate has entered into an agreement with global private equity major Blackstone Group to sell its commercial asset in
Chennai for Rs 850 crore.
This is the second transaction the developer is concluding following the sale of 50% stake in its two office
the Blackstone Group L.P., by which Company will divest its 100% stake in the business of commercial assets at Ambattur, Chennai, being a
the company is looking to sell this asset following the first transaction with Blackstone Group for two office properties in central
its portfolio of owned and completed office properties to the rental platform.
One Indiabulls Park, Chennai, is a 1.9-million-sq-ft
commercial office asset and houses tenants such as Royal Bank of Scotland, Yes Bank, Vodafone, BSNL and Brittania Industries
The property is 90% leased and generates annual rent of Rs 75 crore, which is expected to rise to Rs 95 crore by 2019-20 owing to rental
