Incor to buy Israeli partners stake in Hyderabad project.

Hyderabad-based builder Incor Infrastructure is buying out its Israeli partners Property and Building Corporation and Electra Real Estate from the 25-acre PBEL City township in the city for $34 million (about Rs. 225 crore).

Of the total deal value, $11 million (about Rs. 73 crore) will come from the non-banking finance company of Canadian asset management firm Brookfield, two people with knowledge of the development said.

The two Israeli investors hold 45% stake each in the PBEL City township in Hyderabad and Incor Infrastructure holds the rest in the project, which is part of the joint venture firm PBEL Property Development (India) formed by the three companies in 2008 to invest in India's real estate market. An email sent to Incor and Meir Boukris, a director in PBEL Property Development (India) did not elicit any response. A spokesman for Brookfield said, 'Brookfield's corporate policy is not to comment on market speculation. So in keeping with that policy, we have no comments on the transaction mentioned below.' Last year, Israeli billionaire Mordechai Zisser-owned Elbit Imaging had sold its 1 million sq ft Plaza Centre Mall in Pune to Bengaluru-based builder Nitesh Estates Rs. 250 crore.

ET