Real property main DLF Group’s rental arm DLF Cyber City Developers Ltd (DCCDL) has acquired 51.Eight per cent stake in Fairleaf Real Estate Pvt Ltd for Rs 780 crore.
In December final yr, DCCDL had entered right into a securities buy settlement with funds managed by Hines, a world actual property funding, growth and administration agency, to accumulate stake in Fairleaf.
Hines owned and operated One Horizon Centre in Gurugram, an iconic asset forming a part of the bigger combined use growth situated in one of many prime places at DLF 5 in Gurugram with a leasable space of 8.13 lakh sq. ft, providing high-end grade-A workplace areas together with complimentary retail area.
“We would now like to inform that DCCDL has completed the acquisition of this 51.8 per cent stake at a consideration of Rs 779.4 crore and consequently Fairleaf has become a wholly-owned subsidiary of DCCDL with effect from today,” DLF stated in regulatory filings at inventory exchanges late on Thursday.
Hines had practically 52 per cent stake in One Horizon Centre whereas the remainder was with DCCDL. DCCDL — a three way partnership agency of DLF and Singapore’s sovereign wealth fund GIC — exercised the primary proper of refusal to accumulate Hines’ stake. The acquisition is topic to customary situations and anticipated to be full by the following quarter.
On Friday, DLF was buying and selling at Rs 308.20 per cent on BSE — up 0.64 per cent from its earlier shut.