Indiabulls Real Estate is to sell its London property to promoters for GBP 200 million (approximately Rs 1,800 crore) as it plans to focus on its India business and cut down on debt.

The real estate firm had a net debt of Rs 4,590 crore as of March 31 and expects to reduce it to Rs 3,000 crore after the proposed deal with promoters.

"The company has decided to focus on the Mumbai and NCR markets and, hence, has decided to divest Century Ltd, the parent company that houses Hanover Square property, London," Indiabulls Real Estate said in a BSE filing.

"In light of the 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 the London asset for GBP 200 million," it added.

Indiabulls said it had purchased this property for GBP 161.5 million and the current valuation has been pegged at GBP 189 million.

The company posted a 95 per cent drop in consolidated net profit at Rs 108.56 crore for the quarter ended March 31, as against Rs 2,181.13 crore in the same period last year, the company said.

Net revenues declined 37.1 per cent to Rs 2,040.61 crore in the quarter, from Rs 3,244.25 crore in the corresponding period of the previous year.

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