DLF to Buy Hines Stake In Gurugram Commercial Project

DLF to Buy Hines Stake In Gurugram Commercial Project
28/12/2020 , by , in News/Views

DLF’s rental arm has entered into an agreement to acquire the stake of U.S.-based Hines in a premium commercial project in Gurugram for Rs 780 crore, the company said in a regulatory filing.

Realty major DLF’s rental arm has entered into an agreement to acquire the stake of U.S.-based Hines in a premium commercial project in Gurugram for Rs 780 crore.

DLF Cyber City Developers Ltd., 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 the acquisition of their stake in Fairleaf Real Estate, which owns and operates ‘One Horizon Center’. The purchase consideration for this acquisition is approximately Rs 780 crore, subject to customary closing adjustments.

Hines has around nearly 52% 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. The commercial tower One Horizon Center has leasable area of about 8,13,000 square feet offering high-end Grade A office spaces along with complementary retail space. The acquisition is subject to customary conditions to closure and is expected to be consummated in the next quarter.

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