Blackstone buys DLF Ackruti IT Park for Rs 810 crore Amarchand and JSA advise

Real estate giant DLF along with its joint venture partner Hubtown has sold DLF Ackruti Info Parks, an IT special economic zone in Pune, to private equity firm Blackstone for Rs. 810 crore ($153 million)..Amarchand Mangaldas advised the sellers with a team led by Partner Harry Chawla along with Principal Associate Niti Paul, Senior Associates Medha Srivastava and Vishwanath Pratap Singh..J. Sagar Associates advised Blackstone with a team led by Partners Akshay Chudasama, Ashoo Gupta and Jay Gandhi..According to VCCircle, DLF Ackruti Info Parks is a 25 acre SEZ, with a built-up area of nearly 2.5 million sq. ft. DLF and Hubtown held 67 percent and 33 percent equity shares, respectively, in the company..The transaction is in line with DLF’s recent moves to divest non-strategic assets to raise money for cutting its outstanding debt..In a recent transaction, DLF Home Developers has sold its subsidiary Haamid Real Estates to M3M India for Rs. 430 crore ($83.25 million). Haamid Real Estates holds approximately 27 acres of licenced land in Sector 70- A, Gurgaon, to develop a group housing colony. Amarchand advised DLF with a team led by Partner Mrinal Kumar along with Senior Associate Avnish Sharma..Last year, Private equity giant Blackstone had bought 37 percent stake of Manyata Promoters, a company jointly promoted by Bangalore-based real estate firm Embassy Property Developments and Reddy Veeranna, for around $200 million (Rs. 900 crore), valuing the company at around $550 million..Amarchand Mangaldas advised Blackstone while Anup S Shah advised Embassy.