January 24, 2019

SAM, JSA advice Blackstone, Indiabulls Real Estate in stake sale for Rs 464 crore

Real Estate Deal

Indiabulls Real Estate (India's third largest real estate company) recently sold 50% stake in two office assets in Gurugram to Blackstone (a multinational private equity, alternative asset management, and financial services firm) at an enterprise value of approximately Rs 464 crore.

Earlier, in November 2018, the company had announced the signing of a non-binding term sheet to divest 50% stake in these two assets having nearly 8 lakh sq ft leasable area. Indiabulls Real Estate stated that it has "entered into definitive transaction document(s) with entities controlled by The Blackstone Group L.P... to divest up to 50% stake in two office assets in Udyog Vihar, Gurugram..., at an aggregate enterprise value of approximately Rs 464 crore".


Blackstone was represented by Shardul Amarchand Mangaldas & Co (SAM). The team included Partners Mithun V Thanks and Anuj Bhasme, Principal Associate Neety Thakkar, Senior Associate Gaurav Dugar, as well as Associates Avichal Mathur, Nirav Punjani, Rutvi Shrimankar, and Harshavardhan Sunder. Real estate aspects were handled by Partner Ashoo Gupta and Principal Associate Daryush Marfatia. Competition law aspects were managed by Partner Shweta Shroff Chopra and Senior Associate Supritha Prodaturi.

Indiabulls Real Estate was advised by J. Sagar Associates (JSA). The team included Partner Lalit Kumar, Principal Associate Bharat Bhushan Sharma, and Associate Amandeep Singh Virk.

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