JSA, SAM act on Blackstone’s acquisition of 50% stake in Indiabulls’ subsidiaries

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 Associates acted 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, Partner Anuj Bhasme, along with Senior Associates Neety Thakkar and Gaurav Dugar, and Associates Nishant Sharma, Avichal Mathur, Sangeetha Ganesh and Rutvi Shrimankar.

The Real Estate advisory team was led by Partner Ashoo Gupta, along with Principal Associate Daryush Marfatia, and Associates Mansi Samdani, Pallavi Kishore and 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 provided strategic inputs and guidance on 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.