Indiabulls Real Estate’s unit inks JDA with Oricon Enterprises
Indiabulls Real Estate’s subsidiary Indiabulls Infraestate Ltd (IIL) has signed a non-binding term sheet with Oricon Enterprises Ltd (OEL) for execution of definitive agreements for a joint development of a commercial building.
In a statement to the stock exchanges, Indiabulls said that its wholly owned subsidiary IIL has inked an agreement with OEL for development of a commercial building at OEL’s land parcel in Worli, Mumbai. The land parcel measures around 3512 sq.mtrs. and upon execution of definitive agreements, IIL will get exclusive ownership rights of approx. 2.55 lakh sq. ft. leasable area.
Last week, its subsidiary Manjola Infrastructure Limited entered into an agreement to acquire a newly constructed commercial building at Udyog Vihar, Gurugram for around Rs150 crore.With the additional leasable area in Gurugram, IBREL expects to enhance its annuity revenue to Rs1,547 crores in 2020-21 from the rental properties portfolio including its recent joint venture with Blackstone Group.
Last month, Indiabulls sold 50% stake to private equity investor Blackstone in its subsidiaries Indiabulls Properties Pvt Ltd and Indiabulls Real Estate Co. for around Rs.4,750 crore.The two subsidiaries hold premium commercial office assets — Indiabulls Finance Centre and One Indiabulls Centre in Mumbai. The transaction is expected to be concluded by March-end.