New Delhi, Apr 7 (PTI) Indiabulls Real Estate today said it will acquire commercial building in Gurugram with leasable area of 2.5 lakh sqft for an undisclosed amount.

“We wish to inform you that Indiabulls Real Estate Ltd, through its wholly-owned subsidiary Manjola Infrastructure Ltd, has entered into a binding and definitive agreement to acquire a prime and newly constructed commercial building in Gurugram, having leasable area of approximately 2.5 lakh sqft,” Indiabulls Real Estate Ltd said in a BSE filing.

It said the deal is expected to get completed in 3 to 4 months when the occupation certificate of this building is expected to be received.

This building is situated at a developed prime commercial location, where many leading multi-nationals are operating in nearby vicinity.

“With this additional leasable area, the company expects to enhance its annuity revenue to Rs 1,547 crore in FY20-21 from the rental properties portfolio of Indiabulls Real Estate Ltd, including the rental portfolio of its 50:50 JV,” it said.

This is published unedited from the PTI feed.