Grapevine: Indiabulls Housing Finance to sell loans; Mindspace REIT IPO soon
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Indiabulls Housing Finance is in talks with Deutsche Bank, Oaktree Capital, Brookfield and SSG Capital, among others, to sell its builder loans worth Rs 10,000 crore (about $1,330 million), three people with direct knowledge of the matter told The Economic Times.

“The sale may be planned in multiple tranches in the next few months. Oaktree Capital and Deutsche Bank appear to be in advanced stages and may own a larger share of the loans offered,” one of the persons mentioned above said.

Indiabulls has sold Rs 1,874 crore worth of builder loans through securitisation deals during the lockdown and an estimated Rs 4,000 crore worth of loans via a refinancing structure in the January-March quarter, said people.

It recently raised Rs 2,200 crore from Oaktree Capital by pledging a part of its real estate loans.

In another development, Blackstone-backed Mindspace Business Parks REIT (real estate investment trust) will launch its initial public offering (IPO) in the last week of July to raise close to Rs 4,700 crore ($625 million), investment bankers aware of the matter told The Economic Times.

Existing backer Blackstone and sponsor K Raheja Corp will offload units worth Rs 3,700 crore and the remaining would comprise of primary issue, they said.

This would be the second REIT listing in India. Previously, Embassy Office Parks REIT, a joint venture between Bengaluru-based Embassy Group and private equity major Blackstone Group, got listed on April 1, 2019.

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