DLF’s rental arm to buy Hines stake in premium commercial project in Gurugram for Rs 780 crore

26 Dec 2020 Evaluate

DLF's rental arm DCCDL has entered into an agreement to acquire the stake of US-based Hines in a premium commercial project in Gurugram for Rs 780 crore. DLF Cyber City Developers (DCCDL), the joint venture firm of DLF and Singapore's sovereign wealth fund GIC, has entered into a securities purchase agreement with funds managed by Hines for acquisition of their stake in Fairleaf Real Estate, which owns and operates 'One Horizon Center'.

Hines has around nearly 52 per cent stake in the One Horizon Centre while the rest is with DCCDL. DCCDL has the first right of refusal with respect to acquiring Hines' stake.

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.

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