DLF, partner sell Pune IT SEZ to Blackstone for Rs 810 cr

Realty giant DLF today announced that the company and its partner has sold an IT SEZ in Pune to private equity firm Blackstone for Rs 810 crore.

DLF, the country's largest realty firm, is selling its non-core assets to reduce debt, which stood at Rs 22,519 crore as on September 30, 2011.

In a filing to the Bombay Stock Exchange (BSE), DLF said that "the company along with its joint venture partner Hubtown have sold 100% of their respective shareholding in DLF Ackruti Info Parks [Pune] for an aggregate consideration of Rs 810 crore to an entity controlled by realty fund affiliated with Blackstone Group, BRE/Mauritius Investments II".

DLF and Hubtown held 67% and 33% equity shares in DLF Ackruti SEZ, respectively.

"The above transaction is in line with the DLF's objective of divesting its non-strategic assets," the BSE filing added.

DLF has so far raised Rs 3,480 crore from sale of non-core assets and is planning to raise about Rs 7,000 crore in the next 2-3 years.