Indiabulls Real Estate (IBREL) has decided to buy majority stake in the London-listed property fund Dev Property Developers (DPD) to gain majority control over two of its valued properties in Mumbai.

IBREL has acquired more than 90% in Dev for about Rs 1,100 crore. The stake has been purchased from the three major shareowners of Dev Property, which includes Fidelity, Government of Singapore and HSBC.

Indiabulls Real Estate (IBREL) has announced that its board had sanctioned its plan to acquire 100% stake in Dev Property Development in a 138- million-pound sterling (10.9 billion rupees) share-swap deal.

Dev, an entity listed on Alternate Investment Market of London Stock Exchange, is promoted by the Indian property developer and owns stakes in various Indiabulls’ projects in India.

Indiabulls Real Estate will issue its individual shares to Dev’s investors that comprise Farallon Capital, Fidelity, Govt of Singapore and Citigroup.

Dev Property concentrates on investment in commercial realty developments and Information Technology Enabled Services (ITES) and residential real estate developments in Tier 1 cities in India including Mumbai.

Mauritius-based hedge fund DE Shaw Composite Investments (Mauritius) has invested around $250 million in Mack Star Marketing, a group company of realty developer HDIL.

J Kumar Infraprojects Limited (JKIL) got listed today at Rs. 100, down Rs. 10 or 9.09% on the BSE against an offer price of Rs. 110 per share.

Mumbai: The money flow to the domestic real estate market may b