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DLF arm to buy out Hines for ₹780 crore

by Ayushi Sahu
December 26, 2020
in Business
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DLF arm to buy out Hines for ₹780 crore
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The DCCDL rental arm of Realty Major DLF has agreed to purchase the entire 52 percent stake of U.S.-based Hines in a premium commercial project for ~780 crore in Gurugram.

The company reported in a regulatory filing that its joint venture company DLF Cyber City Developers Ltd. (DCCDL) had “entered into a securities purchase agreement with funds managed by Hines to acquire their interest in Fairleaf Real Estate, which owns and operates “One Horizon Center.
DCCDL is a joint investment company between the company and GIC, the sovereign wealth fund of Singapore. Although GIC has the rest, DLF has a 66.66 percent stake in DCCDL.

“Subject to customary closing adjustments, the purchase consideration for this acquisition is approximately 780 crore,”

DLF said.

The ‘One Horizon Center’ commercial tower has a leasable area of approximately 8,13,000 sq. Just ft. It is anticipated that the acquisition will be completed in the next year.

Sriram Khattar, MD-Rental Sector of DLF, said, “We will fund this acquisition from internal accruals and bank loans.” The transaction is likely to be completed by February, he said, adding that after this deal is concluded, the company will get an additional annual rental income of ~150-160 crore.

Market sources estimated that the deal was struck at an enterprise value of about 2,000 crore. The project has a debt of approximately 500 crore. DCCDL will have 34 million sq. following the purchase. Operational lease portfolio ft.

Ayushi Sahu

Ayushi Sahu

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