Blackstone may buy Indiabulls Real Estate promoters' stake for around USD 1 billion

US-based investment firm Blackstone may acquire Indiabulls Real Estate's promoters' stake at an estimated enterprise value of around USD 1 billion, sources said Thursday.

Blackstone might buy promoters' total 39 per cent stake in Indiabulls Real Estate through a joint venture with Bengaluru-based realty firm Embassy Group, they added.

Indiabulls Group is looking to exit the real estate business so that it can get regulatory approvals for the proposed merger of Indiabulls Housing Finance with the Lakshmi Vilas Bank.

Sources said the talks between Blackstone and Indiabulls Group are at an advanced stage.

The deal could be struck at an enterprise value of around USD 1 billion, they added.

Embassy Group and Blackstone declined to comment, while Indiabulls Group could not be reached.

Indiabulls Real Estate has been selling its commercial assets to Blackstone.

In December 2018, it sold 50 per cent stake in two office assets in Gurgaon to Blackstone at an enterprise value of Rs 464 ...