‘Landmark acquisition’: Primarc & RDB Group to buy business undertaking of DLF Techpark 1

Kolkata: In what is being termed as a “landmark transaction for Bengal”, Primarc & RDB Group on Friday announced that their affiliate, RDB Primarc Techno Park LLP, executed definitive agreements to purchase the business undertaking of DLF Techpark 1 from DLF Infocity Developers (Kolkata) Ltd for an aggregate consideration of Rs 638 crore approximately on a slump sale basis.

DLF Infocity Developers (Kolkata) Ltd is a wholly owned subsidiary of DLF Cyber City Developers Ltd. An issued statement read that the acquisition includes cost of the immoveable property and the business undertakings as well. The business undertakings include rental, CAM, fit-out, property management and other services being operated from DLF Techpark 1.

DLF Techpark 1 is one of the largest IT parks in eastern India with a gross leasable area of approximately 1.49 million sq. ft. The property is LEED Platinum Certified by USGBC, and home to global technology leaders such as IBM, Lexmark, Concentrix and more.

Sidharth Pansari, managing director of Primarc Group, and president of Credai Bengal, said: “We are excited about this transaction which is a pivotal step in our growth and diversification journey. It strengthens our contribution to Bengal’s tech ecosystem, and we will benefit immensely from DLF’s learnings, systems & processes.” Vinod Dugar, promoter of RDB Group, stated: “This step strengthens our joint commitment to supporting Bengal’s dynamic economy through projects that prioritise both sustainability and excellence.”

JLL was the sole transaction advisor to both parties. Fox & Mandal were the legal advisors to RDB & Primarc. Surekha Bihani, senior managing director of JLL, - East & Emerging Markets, India, said: “This is not only the largest concluded real estate transaction in Bengal’s history, but also one of the biggest acquisitions within the state by a Bengal-based company.”

Debanjan Mandal and Kunal Vajani, managing partners of Fox & Mandal said: “This is a landmark transaction for West Bengal, and we are honoured to have worked on this acquisition.”