U.S.-headquartered private equity (PE) firm Blackstone Group has taken over One Indiabulls Park, a commercial property, belonging to Indiabulls Real Estate at Ambattur in Chennai. The exact deal value could not be ascertained but analysts tracking the sector said that it could be above ₹850 crore.
Officials of Blackstone could not be reached for comment while a Indiabulls spokesperson said that there was no one available to comment on the deal.
Spread over 8.84 acres
According to the 2016-17 annual report of Indiabulls Real Estate, Indiabulls Infrastructure Ltd, a wholly owned subsidiary of the company, had acquired the property from India Land and Properties Ltd, for an aggregate consideration of ₹685 crore. The commercial complex had three towers with a total constructed area of 2.67 million sq. ft. and a leasable area of 1.94 million sq. ft., spread over a total land area of over 8.84 acres. The lessees of these towers include Royal Bank of Scotland, Yes Bank, Kone, Ajuba, Covenant, MSC Service Centre, HGS and Access Healthcare.
In February 2018, Indiabulls Real Estate Ltd had taken a strategic decision to exit the Chennai market. Accordingly, it decided to sell its residential and commercial assets in Chennai, its non-core market, as per a stock exchange announcement. In March this year, the firm entered into a definitive transaction with the Bengaluru-based Ozone Group to sell its residential assets – Indiabulls Greens on the Medavakkam-Shollinganallur High Road in Chennai – for an aggregate consideration of ₹285 crore.
