Real estate major DLF Group’s rental arm DLF Cyber City Developers Ltd (DCCDL) has acquired a 51.8 percent stake in Fairleaf Real Estate Pvt Ltd for Rs 780 crore.
In December last year, DCCDL had entered into a securities purchase agreement with funds managed by Hines, a global real estate investment, development, and management firm, to acquire stake in Fairleaf.
Hines owned and operated One Horizon Centre in Gurugram, an iconic asset forming part of the larger mixed-use development located in one of the most sought-after locations at DLF 5 in Gurugram with a leasable area of 8.13 lakh square feet, offering high-end grade-A office spaces along with complimentary retail space.
“We would now like to inform that DCCDL has completed the acquisition of this 51.8 percent stake at a consideration of Rs 779.4 crore and consequently Fairleaf has become a wholly-owned subsidiary of DCCDL with effect from today that is 18th February 2021,” DLF said in regulatory filings at stock exchanges late on Thursday.
Hines had nearly a 52 percent stake in One Horizon Centre while the rest was with DCCDL.
DCCDL — a joint venture firm of DLF and Singapore’s sovereign wealth fund GIC — exercised the first right of refusal to acquire Hines’ stake. The acquisition is subject to customary conditions and expected to be complete by the next quarter