Comments
DLF Cyber City Developers Limited (DCCDL), the rental arm of DLF Group, has entered into a Securities Purchase Agreement with funds managed by Hines ( Hines ) for acquisition of their stake in Fairleaf Real Estate Private Limited ( Fairleaf) , which owns and operates One Horizon Centre.
One Horizon Centre is an iconic asset forming part of a larger mixed-use development located in one of the most sought-after location – DLF 5, Gurugram. The leasable area of the property is approximately 8,13,000 square feet offering high end Grade A office spaces along with complementary retail space.
The purchase consideration for this acquisition is approximately ₹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.
Sriram Khattar, MD-Rental Business, DLF said in a statement:” 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 ₹ 150-160 crore of rental revenues annually. Post completion of this acquisition, the DCCDL platform will have approximately 34 million square feet of operational rental portfolio.
“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.”
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.