Indiabulls Real Estate has decided to focus only on Mumbai & NCR markets and hence has decided to divest Century, the parent company that houses Hanover Square property, London. In light of continuing Brexit related issues and uncertainty around it, the London property market remains sluggish so the promoter has undertaken to buy the parent company of London asset for GBP 200 million. The company had purchased this property for GBP 161.5 million. CBRE, London has recently valued the property at GBP 189 million. Transaction is subject to approvals including the shareholders’ approval. Since it is a related party transaction, Promoter will not be participating in the voting on this item.
Net debt as on March 31, 2019 is Rs 4,590 crore. Post this transaction, net debt of the company would be below Rs 3,000 crore.
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.
