Mumbai-listed developer Indiabulls Real Estate Ltd and alternative investment firm Blackstone Group LP are planning to develop a commercial real estate platform, Mint reported.
Citing a person aware of the development, the report said that the commercial platform is looking to bring six office assets under its fold in the next three to six months. Indiabulls Real Estate will develop three of these six assets. The remaining will be jointly acquired.
The development comes after Blackstone in March bought a 50% stake in two subsidiaries of Indiabulls Real Estate at an enterprise valuation of Rs 9,500 crore (around $1.46 billion).
The report also said that the Indiabulls-Blackstone platform will now hold the commercial assets instead of an earlier plan by Indiabulls to carve out a separate entity.
In April 2017, Indiabulls Real Estate had said the company was planning to place the commercial and leasing business under Indiabulls Commerical Assets Ltd as part of a restructuring process to bring greater focus on different segments.
Meanwhile, US-registered B1T Capital LLC has raised $305,000 (Rs 2.2 crore) for a pooled investment fund from six investors, filings to the Securities and Exchange Commission show.
According to a report in news website Inc42, B1T Capital will invest in US-based cryptocurrency startups.
The report said the fund raised “a few million dollars” from 20 investors. The ticket size of the fund ranges from $75,000 to $150,000. It is planning to invest in 25 projects in the next two to three years.
Utsav Somani, partner at B1T Capital, told the news website that the fund will not invest in unregulated, projects and Initial Coin Offerings.
Separately, the government is in discussions with state-owned Jawaharlal Nehru Port Trust (JNPT) to sell national carrier Air India’s 23-storey building at Nariman Point in Mumbai, the Press Trust of India reported, citing people aware of the development.
The government wants to sell the building in order to raise funds for debt-laden Air India. The building's valuation is being decided by a committee that includes secretaries from civil aviation and shipping ministries, the report said.
The development comes after the government’s attempt to divest a stake in Air India didn’t attract any interest.