Blackstone Group is buying 50% stake in two subsidiaries of developer Indiabulls Real Estate at an enterprise value of Rs 9,500 crore (around $1.46 billion), making it one of the biggest private equity deals in Indian real estate.
J. Sagar Associatesacted for Indiabulls and the team was led by Partners Lalit Kumar and Namita Bahri along with Principal Associate Bharat Bhushan Sharma and Associate Amandeep Singh Virk. The due diligence team included Principal Associate Bharati Joshi and Associate Tanisha Bhatia.
The competition law aspects were advised by Partners Amitabh Kumar and Vaibhav Choukse and Associate Ela Bali.
Shardul Amarchand Mangaldas acted for Blackstone The Private Equity transaction team was led by Regional Practice Head – Mumbai Raghubir Menon, PartnerAnuj Bhasme, along with Senior Associates Neety Thakkar and Gaurav Dugar, and AssociatesNishant Sharma, Avichal Mathur, Sangeetha Ganesh and Rutvi Shrimankar.
The Real Estate advisory teamwas led byPartner Ashoo Gupta, along with Principal AssociateDaryush Marfatia, and Associates Mansi Samdani, Pallavi Kishoreand Siddhanth Jain.
The Competition Law advisory team was led by Partners Shweta Shroff Chopra and Manika Brar,along with Senior Associate Supritha Prodaturi.
Managing Partner Akshay Chudasama providedstrategic inputs and guidanceon the transaction.
In effect, Indiabulls has shed stakes in Indiabulls Finance Centre and One Indiabulls Centre in Mumbai, two key commercial properties in the country’s financial capital.
The projects have a cumulative space of around 4.1 million sq. ft, reported VCCircle.
