DLF Cyber City Developers Limited, the rental arm of DLF Group, has entered into a Securities Purchase Agreement with funds managed by Hines for acquisition of their stake in Fairleaf Real Estate Private Limited, which owns and operates One Horizon Center.
The purchase consideration for this acquisition is approximately Rs 780 crore, subject to customary closing adjustments. The acquisition is subject to customary conditions to closure and is expected to be consummated in the next quarter.
One Horizon Centre is an asset forming part of a larger mixed-use development located in Gurugram. The leasable area of the property
is approximately 8,13,000 square feet.
Mr. Sriram Khattar, MD-Rental Business, DLF commented, “We are delighted to acquire complete ownership of this marquee asset. This acquisition adds another trophy asset to our strong rental platform. We believe that this acquisition will be a highly value accretive for us
and will add approximately Rs 150-160 crore of rental revenues annually. Post completion of this acquisition, the DCCDL platform will have approximately 34 msf of operational rental portfolio.”
He added, “We are pleased to conclude this successful partnership with Hines and hope that our continued relationship will lead to development of more projects in the future by leveraging on our respective strengths.”
DLF is a real estate developer and has developed 153 real estate projects and developed an area of approximately 330 million square feet. DLF Group has an annuity portfolio of over 35 msf (approx.). DLF is primarily engaged in the business of development and sale of residential properties (the “Development Business”) and the development and leasing of commercial and retail properties.
-AK
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