DLF to sell 49% stake in Gurugram project to Hines for about Rs 900 cr

New Delhi: Realty major DLF has agreed to sell 49 per cent stake in its upcoming commercial project at Gurugram to US-based Hines for about Rs 900 crore and the deal is expected to be concluded by December, according to sources.

DLF has already signed a term sheet with Hines to develop a prime commercial project on 11.76 acre land parcel in Gurugram that it bought for nearly Rs 1,500 crore through e-auction conducted by the Haryana government in February. The company on Thursday said it has signed a non-binding term sheet with a fund managed by Hines for a 51:49 partnership to develop a high-end commercial project on NH8 at Gurugram.

The transaction documents are being negotiated and are expected to be closed within third quarter of this fiscal, it added.

"This project entails development of more than 2.5 million sq ft of commercial space," DLF said. According to sources, Hines, will invest around Rs 900 crore for 49 per cent stake in the project.