DLF to buy out Hines stake in commercial project for Rs 780 cr
New Delhi: Realty player DLF Ltd’s rental arm DCCDL will buy out stake of its partner Hines, a US-based firm, in a commercial property for Rs 780 crore in Gurugram .
DCCDL has inked an agreement for securities purchase with various funds managed by the US firm for the acquisition of their stakes in Fairleaf Real Estate (FRE). FRE owns the commercial project in Gurugram 'One Horizon Center'.
Hines’s stake currently stands at about 52 percent stake in the project. The rest of 48 percent is already with DCCDL. According to the papers originally signed between DCCDL and Hines, the former has the first right of refusal with in relation to acquisition of latter’s stake.
"The purchase consideration for this acquisition is Rs 780 crore, subject to customary closing adjustments," DLF said in a regulatory filing.
The project has total leasable space of 8,13,000 square feet comprising of Grade A offices and some complementary retail space.
DCCDL is a JV of DLF and Singapore's sovereign wealth fund GIC.