DLF rental arm acquires One Horizon Centre building in Gurugram for ₹780 cr
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The DCCDL exercised the first right of refusal to acquire Hines stake
Hines had nearly 52 per cent stake in the One Horizon Centre while the rest was with the DCCDL
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New Delhi: Realty major DLF s rental arm DCCDL has completed the acquisition of the entire 52 per cent stake of US-based Hines in a premium commercial project in Gurugram for ₹780 crore.
In December, DLF had informed that its joint venture firm DLF Cyber City Developers Ltd (DCCDL) entered into a securities purchase agreement with funds managed by Hines for acquisition of their stake in Fairleaf Real Estate, which owns and operates One Horizon Center . DCCDL has completed the acquisition of this 51.8 per cent stake at a consideration of ₹779.40 crore and consequently Fairleaf has become a wholly-owned subsidiary of DCCDL with effect from today i.e. February 18, 2021 , DLF said in a regulatory
DLF rental arm acquires One Horizon Centre in Gurugram for Rs 780 cr
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DLF I DLF rental arm acquires Hines stake in Gurugram commercial project One Horizon for Rs 780 cr
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DLF Cyber City Developers Ltd (DCCDL) is a joint venture between DLF and Singapore’s GIC Private Limited. DLF Cyber City Developers owns and operates a 35 million square-foot rental portfolio. The rental unit of DLF Ltd. hired consultants as it prepares for a real estate investment trust (REIT). DLT hired Morgan Stanley as banker, Shardul Amarchand Mangaldas & Co as legal advisor, and KPMG as financial and tax advisor.
DLT is impacted by the coronavirus pandemic.
In a recent quarter, DLF Cyber City Developers entered into a Securities Purchase Agreement with funds managed by Hines for acquisition of their stake in Fairleaf Real Estate, which manages the One Horizon Center, for Rs 780 crore.