DCCDL enters into an agreement to acquire Hines stake in One Horizon Centre for Rs 780 crore

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 Center.

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 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.

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."

Shares of DLF LTD. was last trading in BSE at Rs.226.2 as compared to the previous close of Rs. 228.7. The total number of shares traded during the day was 594606 in over 4926 trades.

The stock hit an intraday high of Rs. 233.3 and intraday low of 224.5. The net turnover during the day was Rs. 136117365.

Source : Equity Bulls

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