DLF on Friday said its rental arm DLF Cyber City Developers Ltd (DCCDL) has entered into an agreement to acquire the stake of US-based Hines in a premium commercial project in Gurugram for Rs 780 crore.
In a regulatory filing, DLF said that its joint venture firm DLF Cyber City Developers Ltd. (DCCDL) of DLF had “entered into a securities purchase concord with funds managed by Hines for the acquisition of their stake in Fairleaf Real Estate, which owns and operates One Horizon Center”. DCCDL holds 48.2% stake in Fairleaf Real Estate.
The purchase thoughtfulness for this acquisition is approximately Rs. 780 crore, subject to customary closing adjustments.
Sriram Khattar, MD-Rental Business, DLF, said the company has acquired complete ownership of this asset.
"This acquisition adds another trophy asset to our strong rental platform. We believe that this acquisition will be highly value accretive for us and will add approximately ₹150-160 crore of rental revenues annually," Khattar said.
Post acquisition, the DCCDL platform will have about 34 million sq ft of operational rental portfolio.
Market sources said the deal had been struck at an enterprise value of Rs. 2,000 crore. The project has debt of Rs. 500 crore. Post acquisition, DCCDL will have 34 million sq. ft of operational rental portfolio.