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JSA helps Indiabulls on selling out fully to SAM’s Blackstone for $394m

Blackstone Group is set to take full control over Indiabulls Real Estate’s commercial office portfolio after Indiabulls on Thursday sold its remaining stake in some of its office assets in Gurugram and central Mumbai to Blackstone for Rs 2,717 crore.

Hindu Business Line

Blackstone already held a 50% stake in Indiabulls Real Estate, making this a quasi-joint venture.

J Sagar Associates advised Indiabulls Real Estate Limited led by a team of partner Lalit Kumar, and associate Amandeep Singh Virk.

Shardul Amarchand Mangaldas acted for Blackstone. The transaction team included partner Anuj Bhasme; principal associate Neety Thakkar; senior associate Gaurav Dugar; senior associate Nishtha Soonee; senior associate Nishant Sharma; senior associate Avichal Mathur; senior associate Neekesh Shetty; associate Nirav Punjani; associate Sangeetha Ganesh; associate Rutvi Shrimankar and associate Apeksha Narula. Also involved was managing partner Akshay Chudasama, who provided key strategic inputs and guidance; partner Ashoo Gupta; associate Mansi Samdani; associate Aanchal Jogani and associate Shourya Dasgupta advised on real estate; partner Gauri Chabbra and associate Kajori De advised on competition law; partner Veena Sivaramakrishnan and principal associate Utkarsh Bandhu advised on banking and finance law.

Simpson Thacher & Bartlett acted as international legal counsel to Blackstone.

Kirkland & Ellis conducted the FCPA due diligence, Ernst and Young conducted the financial due diligence and the indirect tax due diligence.

Chartered accountant Bobby Parikh Associates advised on structure related aspects and conducted the direct tax diligence.

JSA and Shardul Amarchand Mangaldas had acted for Indiabulls and Blackstone respectively in 2018 on the original $124m transaction.

2018-09-27

Deal value: Rs. 2717 Crores

This deal report is based on a firm's press release and may be only partially complete. Some firms or names of advisers may be therefore be missing.

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