DLF Cyber City Developers (DCCDL), the joint venture between DLF and Singapore sovereign fund GIC, has started the process of structuring its rent-yielding commercial assets in Real Estate Investment Trust (REIT) form but the timing to launch the public issue will be decided by the promoters. The company would soon appoint consultants for creating a proper structure of its rental assets and it would take 15-18 months in becoming REIT ready.
DLF holds 66.67 percent stake while GIC has 33.33 percent stake in the DCCDL, which owns around 33 million sq ft of commercial assets with rental income of over Rs 3,000 crore. Besides completed leased assets, the DCCDL is developing many assets currently and has a huge future pipeline. Therefore, the JV will have to decide proper framework as in the REIT, 80 percent of the assets should be completed leased asset portfolio.
DLF is one of India's biggest property developers. The company’s primary business is development of residential, commercial and retail properties. The company has a unique business model with earnings arising from development and rentals.
