DLF Cyber City Developers Ltd on Thursday announced that “It has completed the acquisition of 51.8 percent stake in Fairleaf Estate Private Ltd for Rs 774.9 crore.”
In a filing with the exchange, DLF Group said, “We would like to inform that DCCDL has completed the acquisition of this 51.8 percent stake at the consideration of Rs 779.40 crore and consequently Fairleaf has become a wholly-owned subsidiary of DCCDL with the effect from today i.e. 18th Feb 2021.”
Speaking on the acquisition, Sriram Khattar, Managing Director of Retail Business, DLF said, “We are delighted to acquire complete ownership of this marquee asset. This acquisition adds another trophy asset to our strong rental platform.”
“We believe that this acquisition will be a highly value accretive for us and will add approximately Rs 150 – Rs 160 crore of rental revenues annually post completion of this acquisition,” Khattar added.
The DCCDL platform will have approximately 39 million square feet of operational rental platform.
