Indiabulls to acquire Dev Property for 10.9 Bn

Thursday, 28 February 2008, 13:55 Hrs
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Mumbai: Realty major Indiabulls Real Estate (IREL) will acquire the entire stake of realty investment firm Dev Property Development for 10.9 billion ($270 million).

In a communication to the Bombay Stock Exchange Thursday, the company said the board of directors has approved the purchase of 100 percent of ordinary shares in the firm. Dev Property is listed at the Alternative Investment Market (AIM) of the London Stock Exchange.

Dev Property focuses on investment in commercial real estate developments including the IT and ITes and residential real estate developments in tier-1 cities in India. The AIM listed entity also has plans to make investments in Special Economic Zones (SEZs).

The firm holds stakes in several of Indiabulls' projects in India.

IREL will issue its own shares to Dev's investors, which include Farallon Capital, Fidelity, government of Singapore and Citigroup.

Several Indian developers, keen to expand in a booming urban real estate market in Britain, have raised funds from London's AIM exchange in the past two years. These include Mumbai-based developers such as the Rahejas and Hiranandani group.

IREL with projects covering a total land area in excess of 10,000 acres is one of the largest listed real estate companies in the country.
Source: IANS
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