Indiabulls Real Estate was up 3% to Rs 263 on BSE after the company entered into a binding and definitive agreement to acquire a prime and newly constructed commercial building in Gurugram. The stock is trading close to its 52-week high of Rs 270 touched on August 7, 2017 in intra-day deal.
“The company through its wholly-owned subsidiary, Yashita Buildcon, has on January 11, 2018, entered into a binding and definitive agreement to acquire a prime and newly constructed commercial building, having leasable area of approx 2.5 lac sq ft in Gurugram,” Indiabulls Real Estate said in a statement.
The deal is expected to get completed in 3 to 4 months when the occupation certificate of the building is expected to be received.
With this additional leasable area, the company expects to enhance its annuity revenue to Rs 14,500 million in FY 20-21 from the rental properties portfolio of Indiabulls Real Estate, it added.
In past eight trading sessions, the stock has outperformed the market by gaining 22% against 2.3% rise in the S&P BSE Sensex.