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JSA, SAM act on $113m Indiabulls sale of Mumbai, Gurugram commercial projects to Blackstone

New Delhi: Realty firm Indiabulls Real Estate Ltd has agreed to sell commercial projects in Mumbai and Gurugram to global investment firm Blackstone for an enterprise value of ₹810.7 crore.


J Sagar Associates advised Indiabulls Real Estate Limited led by a team of partners Lalit Kumar and Bharat Bhushan Sharma, associate Amandeep Singh Virk, and junior associate Aakanksha.

Update 3 February 2020: Shardul Amarchand Mangaldas advised Blackstone led by a team of partner Anuj Bhasme, principal associate Neety Thakkar, senior associate Gaurav Dugar, senior associate Nishant Sharma, senior associate Avichal Mathur, associate Nirav Punjani, associate Rutvi Shrimankar and associate Apeksha Narula. The real estate team was led by partner Ashoo Gupta, associate Mansi Samdani, associate Shourya Dasgupta and associate Aanchal Jogani and partner Gauri Chabbra advised on competition law aspects, while Mumbai region managing partner Akshay Chudasama provided key strategic inputs and guidance.

Indiabulls Real Estate Limited (IBREL) and its subsidiaries have entered into definitive agreements with entities controlled by real estate private equity investor Blackstone, to divest IBREL’s entire stake in Mariana Infrastructure Limited (which owns commercial project in Gurugram) and the commercial assets/development in Mumbai. The divestment is at an aggregate enterprise value of approximately Rs. 810.7 Crores, subject to closing adjustments, if any, according to the firm.


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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