(Reuters) - Blackstone Group (BX.N) is set to buy the remaining 50% stake in Indiabulls Real Estate’s (INRL.NS) commercial properties for about 48 billion rupees ($688.8 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 here a 50% stake in two units at an aggregate enterprise value of about $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.
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 (LVLS.NS), ET said, adding the deal is expected to be concluded over the next few weeks.
($1 = 69.6900 Indian rupees)
Reporting by Derek Francis in Bengaluru; editing by Gopakumar Warrier