DLF Cyber Metropolis Builders Restricted (DCCDL), the rental arm of DLF Group, has entered right into a Securities Buy Settlement with funds managed by Hines (Hines) for acquisition of their stake in Fairleaf Actual Property Non-public Restricted (Fairleaf), which owns and operates One Horizon Centre.
One Horizon Centre is an iconic asset forming half of a bigger mixed-use improvement positioned in one of the sought-after location – DLF 5, Gurugram. The leasable space of the property is roughly 8,13,000 sq. ft providing excessive finish Grade A workplace areas together with complementary retail house.
The acquisition consideration for this acquisition is roughly ₹780 crore, topic to customary closing changes. The acquisition is topic to customary situations to closure and is anticipated to be consummated within the subsequent quarter.
Sriram Khattar, MD-Rental Enterprise, DLF mentioned in an announcement:” We’re delighted to amass full possession of this marquee asset. This acquisition provides one other trophy asset to our robust rental platform. We consider that this acquisition will probably be a extremely worth accretive for us and can add roughly ₹ 150-160 crore of rental revenues yearly. Submit completion of this acquisition, the DCCDL platform may have roughly 34 million sq. ft of operational rental portfolio.
“We’re happy to conclude this profitable partnership with Hines and hope that our continued relationship will result in improvement of extra initiatives sooner or later by leveraging on our respective strengths.”