DLF Cyber City Developers Limited (DCCDL), the rental arm of DLF Ltd has entered into an agreement to acquire Hines stake in One Horizon Centre for Rs 780 crore.
One Horizon Centre is an asset forming part of a larger mixed-use development located in one of the most premium 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.
“DCCDL has entered into a Securities Purchase Agreement with funds managed by Hines for acquisition of their stake in Fairleaf Real Estate Private Limited, which owns and operates One Horizon Center,” DLF said in a statement.
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.
“We believe that this acquisition will be a high 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,” said Sriram Khattar, MD-Rental Business, DLF.
DLF is India’s leading real estate developer and has developed 153 real estate projects and developed an area of approximately 330 million square feet.
DLF Group has 210msf of development potential across the residential and commercial segment. The group has an annuity portfolio of over 35 million square feet.
Source: Economic Times