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« Dubai Properties Participate at Mumbai Extravaganza | Home | Israeli Giants Enter Indian Retail Sector »

Indiabulls Real Estate Acquires UK’s Dev Property Development

Indiabulls Real Estate Ltd has acquiring the entire stake in Dev Property Development Plc in a 138- million-pound sterling (10.9 billion rupees) share-swap deal.

Dev, which listed on London’s junior stock exchange in 2007, is promoted by the Indian property developer and holds stakes in several of Indiabulls’ projects in India. Indiabulls Real Estate will issue its own shares to Dev’s investors, which include Farallon Capital, Fidelity, Govt of Singapore and Citigroup.

Dev shares closed on Wednesday at 75.50 pence, valuing the firm at around 120 million pounds sterling. Several Indian developers, keen to expand in a booming urban real estate market, 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.

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