Decides to focus only on Mumbai and NCR markets
Indiabulls Real Estate Ltd (IREL) on Saturday said its wholly-owned subsidiary has divested its entire stake in Century Ltd, which indirectly owns London-based Hanover Square property, to Clivedale Overseas Ltd, an entity owned by the promoters of IBREL for £200 million.
In April, the company in a presentation said that it has decided to focus only on Mumbai and the National Capital Region markets and hence has decided to divest Century Ltd, the parent company that houses the Hanover Square property.
“In light of continuing Brexit related issues and uncertainty around it, the London property market remains sluggish so the promoter has undertaken to buy the parent company of London asset for £200 million.The company had purchased this property for £161.5 million. CBRE, London has recently valued at £189 million,” IBREL said in the presentation.
With this transaction, Century Ltd ceases to be a subsidiary of IBREL, the company said in a stock exchange filing.