DCCDL acquires One Horizon Centre's Gurugram office building for Rs 780 crore

New Delhi: Realty major DLF's rental arm DCCDL has completed the acquisition of the entire 52 per cent stake of US-based Hines in a premium commercial project in Gurugram for Rs 780 crore.

In December, DLF had informed that its joint venture firm DLF Cyber City Developers Ltd (DCCDL) entered into a securities purchase agreement with funds managed by Hines for acquisition of their stake in Fairleaf Real Estate, which owns and operates 'One Horizon Center'.

"DCCDL has completed the acquisition of this 51.8 per cent stake at a consideration of Rs 779.40 crore and consequently Fairleaf has become a wholly-owned subsidiary of DCCDL with effect from today i.e. February 18, 2021", DLF said in a regulatory filing. Hines had nearly 52 per cent stake in the One Horizon Centre while the rest was with the DCCDL.

The DCCDL exercised the first right of refusal to acquire Hines' stake. The DCCDL is a joint venture firm of DLF and Singapore's sovereign wealth fund GIC. DLF holds 66.66 per cent stake in the DCCDL while GIC has the rest.

The commercial tower 'One Horizon Center' has a leasable area of about 8,13,000 square feet, mainly high-end Grade A office spaces along with complementary retail space.

The acquisition is subject to customary conditions to closure and is expected to be consummated in the next quarter.

DLF's MD-Rental Business Sriram Khattar had said the company acquired complete ownership of this asset at a

right price.