Indiabulls realty purchases majority stake in Dev Property

MUMBAI: Indiabulls Real Estate(IBREL), the real estate division of the Indiabulls group, has decided to take greater part stake in Dev Property Developers, the London-listed property fund, in order to gain best part control over two of its prized properties in Mumbai. IBREL has bought over 90 percent in DPD for about Rs 1,100 crore.

DPD, which is listed on London’s Alternative Investment Market, in turn holds a minority stake in various realty assets, a majority of which are owned by Indiabulls group, like Jupiter Mills, Elphinstone Mills and the 6,000-acre SEZ at Raigad in Maharashtra. It is expected that the deal would help IBREL launch its Real Estate Investment Trust (REIT) in the Singapore Stock Exchange (SSE). IBREL had received the approval to list REIT at SSE and initiated steps to create a property trust prior to the listing.

Jupiter and Elphinston Mills were purchased by Indiabulls in a series of high-profile transactions in 2005 from state-owned textile firm NTC. Indiabulls plans to convert them into commercial complexes.

4 Comments

  1. Posted April 19, 2008 at 12:49 am | Permalink

    It is expected that the deal would help IBREL launch its Real Estate Investment Trust (REIT) in the Singapore Stock Exchange (SSE). IBREL had received the approval to list REIT at SSE and initiated steps to create a property trust prior to the listing.

  2. Posted April 26, 2008 at 1:13 am | Permalink

    Indiabulls Real Estate (IBREL) has announced that its board had sanctioned its plan to acquire 100% stake in Dev Property Development in a 138- million-pound sterling (10.9 billion rupees) share-swap deal.

    Dev, an entity listed on Alternate Investment Market of London Stock Exchange, is promoted by the Indian property developer and owns stakes in various Indiabulls’ projects in India.

    Indiabulls Real Estate will issue its individual shares to Dev’s investors that comprise Farallon Capital, Fidelity, Govt of Singapore and Citigroup.

    Dev Property concentrates on investment in commercial realty developments and Information Technology Enabled Services (ITES) and residential real estate developments in Tier 1 cities in India including Mumbai.

  3. Posted April 26, 2008 at 4:18 am | Permalink

    Indiabulls Power is learnt to have won the bid to set up the 1,600-mw Bhaiyathan power project in Chhattisgarh, a pit-head power project that also includes a 350-million-tonne coal block.

  4. Posted May 1, 2008 at 2:56 am | Permalink

    In near the prices of the Indiabulls will be definately hike in near future due to the developing procedure of the Real estate levels.

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  1. […] Indiabulls Power is learnt to have won the bid to set up the 1,600-mw Bhaiyathan power project in Chhattisgarh, a pit-head power project that also includes a 350-million-tonne coal block. […]

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