Blackstone to acquire Indiabulls industrial park

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Shardul Amarchand Mangaldas & Co (SAM) advised Blackstone Group on its phased acquisition of One Indiabulls Park, Chennai, from Indiabulls Real Estate for a consideration of approximately ₹8.5 billion (US$121 million). One Indiabulls Park is a marquee industrial park in Ambattur Industrial Estate, Chennai.

SAM’s general corporate, real estate, competition law, and banking and finance practices advised Blackstone on all aspects of the transaction including the transaction strategy, structuring, conducting legal due diligence, drafting and negotiating the transaction documents, including the financing and security documents.

“Given that a financing facility formed part of the transaction, the banking and finance team handled this aspect. As for the competition team, they were on-boarded to advise whether the transaction triggered any competition/antitrust filing,” said Mithun V, a partner at SAM.

The transaction team was led by partner Mithun V and included principal associate Anjali Menon and senior associate Neety Thakkar. The real estate advisory team included partners Ashoo Gupta and Aarthi Lakshminarayanan. Managing partner Akshay Chudasama also provided strategic inputs on the transaction.

J Sagar Associates (JSA) acted as the counsel to Indiabulls and advised on the entire transaction including the structuring of the acquisition, negotiating the transaction documents and closing of the transaction. The JSA team comprised partner Lalit Kumar and associate Amandeep Singh Virk.

The deal was signed on 6 July, and subject to the satisfaction of closing conditions, the transaction is to be completed in tranches by 30 September 2019.

In March, Blackstone had acquired 50% of the share capital Indiabulls Properties (IPPL), and Indiabulls Real Estate Company (IRECPL). IPPL and IRECPL own and operate marquee projects of Indiabulls, such as Indiabulls Finance Centre and One Indiabulls Centre in Mumbai. SAM and JSA had advised Blackstone and Indiabulls respectively at the time.