Indiabulls Real Estate, Embassy One Commercial Property Developments, Commercial real estate, Residential real estate, Merger and acquisition, IBREL, Commercial developments, Residential developments

Indiabulls Real Estate and Embassy Group sign definitive merger documentation

The combined IBREL entity shall become one of India’s leading real estate development platforms

Indiabulls Real Estate (IBREL) and Embassy One Commercial Property Developments have entered into definitive merger documentation to amalgamate ongoing, completed and planned residential and commercial projects of NAM and NAM Opco (Embassy Assets). Jitendra Virwani – along with other promoter entities of NAM (Embassy Promoters) – will become the new promoters of IBREL upon completion of the merger, and Sameer Gehlaut – along with existing IBREL promoter group entities – shall initiate the process of reclassification as required.

The combined IBREL entity shall become one of India’s leading real estate development platforms, with 80.8 million sq-ft of launched and planned development potential. The combined entity shall benefit from a complementary pan-India presence across key markets including a significant presence in the commercial and residential market of Bengaluru. The merger shall provide diversification to IBREL shareholders towards a balanced mix of residential and commercial development with visibility on near term liquidity through sold receivables in excess of Rs 4,220 crores for the combined entity.

Jitendra Virwani, chairman & founder of the Embassy Group said, “This integration provides scale to our two organisations and allows the stakeholders to capitalise on the opportunity created by the market consolidation and dislocations. The transaction also offers growth to the listed entity by combining a portfolio of well-located commercial projects across Mumbai, NCR and Bengaluru, which has seen the largest absorption in office space over the past five years. I am excited about the possibilities of what this new combined platform can deliver.”

Sameer Gehlaut, non-executive chairman & founder of IBREL said, “This merger marks the culmination of a journey I began almost 15 years ago to build a world class real estate company. I am excited to be handing over this platform to Embassy who have a proven track record, excellent execution capabilities and who have created a very strong brand and sponsored a successful listed REIT. I believe Embassy promoters are the right partner to make IBREL a larger, stronger and more balanced platform in the future. I look forward to working with him as we integrate these two companies.”

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