DLF to buy Rs 780 cr stake in commercial project in Gurugram
Real Estate

DLF to buy Rs 780 cr stake in commercial project in Gurugram

DLF’s rental arm recently 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 Ltd, the DLF-GIC joint venture firm inked a securities purchase agreement with funds managed by Hines to acquire their stake in Fairleaf Real Estate, which owns and operates the ‘One Horizon Center’.

As per DLF, the purchase consideration for the acquisition was about Rs 780 crore and subject to regulatory closing adjustment. DCCDL had the first right of refusal concerning the acquisition of Hines’s stake as it owned 48% stake in the One Horizon Center while the rest was owned by Hines.

The One Horizon Center offers Grade-A office spaces along with integral retail space, and it has a leasable area of 813,000 sq ft. The agreement is expected to be completed within the next quarter and is dependent upon the standard conditions of closure.

After closure of the agreement, the DCCDL's operational rental portfolio will be around 34 million sq ft. The GIC holds 33.33% stake in DCCDL while the majority of the stake is owned by DLF. DLF and GIC had started the joint venture in 2017 after GIC bought the entire 40% stake of DCCDL stake that was with the DLF promoters.

DLF’s rental arm recently 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 Ltd, the DLF-GIC joint venture firm inked a securities purchase agreement with funds managed by Hines to acquire their stake in Fairleaf Real Estate, which owns and operates the ‘One Horizon Center’.As per DLF, the purchase consideration for the acquisition was about Rs 780 crore and subject to regulatory closing adjustment. DCCDL had the first right of refusal concerning the acquisition of Hines’s stake as it owned 48% stake in the One Horizon Center while the rest was owned by Hines. The One Horizon Center offers Grade-A office spaces along with integral retail space, and it has a leasable area of 813,000 sq ft. The agreement is expected to be completed within the next quarter and is dependent upon the standard conditions of closure. After closure of the agreement, the DCCDL's operational rental portfolio will be around 34 million sq ft. The GIC holds 33.33% stake in DCCDL while the majority of the stake is owned by DLF. DLF and GIC had started the joint venture in 2017 after GIC bought the entire 40% stake of DCCDL stake that was with the DLF promoters.

Next Story
Infrastructure Energy

Queensland, Australia Backs METS Delegation for India’s Flagship Mining Expo – IME 2025

Trade and Investment Queensland (TIQ) — the Queensland Government’s global business agency — is leading a high-level delegation of mining equipment, technology and services (METS) companies to the International Mining, Equipment & Minerals Exhibition (IME) 2025, being held in Kolkata from October 30 to November 2.The delegation highlights Queensland, Australia’s world-class mining expertise across digital innovation, mine safety, critical-minerals technology, and sustainable mining solutions — aligning with India’s rapid transformation of its mining and resources sector to supp..

Next Story
Infrastructure Urban

ABB India Expands Local Production with New Line for Energy-Efficient Drives

ABB India has announced the expansion of its local manufacturing footprint with the launch of a new production line for variable speed drive (VSD) modules at its Peenya facility in Bengaluru. The new line enhances ABB’s local production capacity for drives by around 25 per cent, supporting the Government of India’s ‘Make in India’ and ‘Atmanirbhar Bharat’ initiatives.Equipped with state-of-the-art automation and digital monitoring technologies, the new line is designed to meet the rising demand for energy-efficient and high-performance drives across industries such as buildings, da..

Next Story
Infrastructure Urban

Aimtron Secures International IoT Order Worth $3.9 Million

Aimtron Electronics, one of India’s fastest-growing Electronics System Design and Manufacturing (ESDM) companies, has announced that it has secured a major international IoT order worth $3.946 million (approximately Rs 340.69 million) from a leading global client. The contract involves the manufacture and export of 200,000 IoT devices over the next 12 to 15 months.This order marks a significant milestone in Aimtron’s global expansion, underscoring its capability to deliver complete box-build IoT solutions that meet international quality standards. The deal is expected to strengthen the com..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?