Indiabulls buys office park in Chennai for close to $100M

Indiabulls Distribution Services Ltd, a subsidiary of Indiabulls Securities Ltd, has bought a commercial complex measuring 10 acres in Chennai for Rs 600 crore ($97 million), the company said on Wednesday.

According to the statement, the company has acquired 100 per cent of the share capital of India Land and Properties Private Limited. India Land and Properties owns a commercial complex of 3 towers with a total constructed area of 2.4 million sq ft and leasable area of 2 million sq ft, translating into a transaction value of Rs 3,000 per sq ft of leasable area.

Current tenants of the complex include Royal Bank of Scotland, Kone, Britannia Industries, Ajuba, Covenant, Telebuy and Ibox.

Now, the building complex will be called One Indiabulls Park, Chennai.

Recently, Indiabulls Asset Management Co Ltd, another subsidiary of Indiabulls Group, forayed into private equity real estate funding with a Rs 1,000 crore fund. The venture aims to have assets under management worth $1 billion in three-four months.

The company has appointed Amber Maheshwari as chief executive of AIF investment business, which is part of Indiabulls Asset Management. Maheshwari worked as managing director, corporate finance with Jones Lang LaSalle till recently.

Indiabulls Group saw a major reshuffle in top management couple of months back. The three co-promoters of diversified Indiabulls Group carved the businesses into two halves with Sameer Gehlaut retaining bulk of the business including housing finance, securities, real estate & wholesale trading while Rajiv Rattan and Saurabh Mittal got sole control of power and infrastructure business.

Rattan and Mittal also gave up on the Indiabulls brand in the firms controlled by them, as part of a group restructuring.

(Edited by Joby Puthuparampil Johnson)

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