Indiabulls Real Estate (IBREL) and private equity firm Blackstone Group Lp (Blackstone) are planning to develop commercial properties platform with rent-yielding assets.
Both the companies entered in to a joint venture in March, with Blackstone buying 50 percent stake in IBREL’s office properties. The new joint venture company will now add 6 office assets on the platform within the next 3 to 6 months. Out of 6 office assets 3 will be jointly acquired and the remaining 3 would comprise projects already being developed by IBREL. These properties are going to be in Mumbai and NCR with the idea to bring assets with annuity income under the joint venture.
Indiabulls Real Estate is India's third largest real estate company, with its focus on construction and development of residential, commercial and SEZ projects across major Indian metros.
