Indiabulls Real Estate has informed that it has received approval from the High Court of Justice of the Isle of Man, England for acquisition of Dev Property Development Plc.

Dev Property, a realty firm, is listed entity at the Alternative Investment Market (AIM) of the London Stock Exchange. The acquisition, announced a few months ago, is valued around $270 million.

Further the company has informed that the finalization of the said acquisition shall be completed by cancellation of the 138,000,000 ordinary shares of Dev Property and issuing 138,000,000 new Dev Property shares to the company.

As per the share swap ratio the shareholders of DPD would receive 0.12091 new IBREL GDRs for each DPD share held. The scheme is expected to become effective on May 08, 2008 and the settlement of all consideration will occur within 14 days of that date.

Separately, Indiabulls Real Estate plans to invest Rs 1000 crore to expand its retail business in the next 2-½ years. The company expects lease rentals of Rs 1000 crore from two of its properties under development in Mumbai by the end of the next financial year.