DLF Cyber City Developers Limited (DCCDL), operated by real estate giant DLF Group, released a statement saying that it has now acquired 51.8% stake in Fairleaf Real Estate Pvt Ltd which cost them Rs 780 crore.
In a statement, the company said, “We would now like to inform that DCCDL has completed the acquisition of this 51.8% stake at a consideration of ₹779.40 crore and consequently Fairleaf has become a wholly-owned subsidiary of DCCDL with effect from today i.e. 18th February 2021.”
DCCDL had formed a Securities Purchase Agreement through funds operated by Hines which would enable them to complete their acquisition of Fairleaf Real Estate Private Limited.
Hines had previously been the major stakeholder in this project at 52% ownership and it owned and operated the One Horizon Centre in Gurugram, which included the management of the prime leasable area of 8.13 lakh square feet, offering high-end grade-A office spaces along with complimentary retail space.
In 2017, promoters of DLF had sold their entire 40% stake in DCCDL for nearly Rs 12,000 crore. 33.34% of the stake had been purchased by GIC for nearly Rs 9,000 crore. DLF currently owns DCCDL along with GIC. DLF is the majority stakeholder at 66.66%.