DLF leases 350,000 sq ft office space in Gurgaon to Samsung

DLF promoters to sell 40% stake in rental arm DLF Cyber City Developers to monetise commercial assets

Realty major DLF has leased about 350,000 sq ft of office space to Samsung India Electronics in its commercial complex at Gurgaon that has been constructed at an estimated cost of over Rs 400 crore.

DLF, the country's largest realty firm, has completed its premium office complex 'Two Horizon Center' comprising 1.1 million sq ft area. The office space is being offered both on lease and sale model.

According to sources, Samsung India Electronics has leased about 350,000 sq ft in this office building for its India headquarters.

DLF has leased about 100,000 sq ft office space to some other companies, including in Executive Centre and Corporate Edge office facilities, they added.

That apart, the company has sold about 200,000 sq ft of area to corporates for their end use.

DLF is expecting to lease/sell the remaining 450,000 sq ft area in the next six months, sources said.

The company had started to lease office building at Rs 140 per sq ft rental and the same has now inched up to Rs 165 per sq ft a month.

This office complex, a US Green Building Council LEED Platinum pre-certified building with occupancy certificate in place, is designed by American architecture firm Robert AM Stern Architects and Hafeez Contractor.

Two Horizon Center is part of the 12-acre Horizon Center complex that also houses the One Horizon Center -- a joint venture of Hines and DLF, the American Express Building and a proposed super luxury mall 'The Emporio'.

One Horizon Centre has been fully leased.

DLF has rental assets of about 30 million sq ft with an annual rental income of about Rs 2,700 crore.

Recently, the company gave an about Rs 800 crore contract to L&T for construction of its new office complex in Gurgaon.

DLF has decided to develop a new office complex as its office stock has almost exhausted.

Meanwhile, DLF's promoters have decided to sell 40 per cent stake in rental arm DLF Cyber City Developers Ltd (DCCDL) to monetise commercial assets and remove conflict of interest.

DLF owns remaining 60 per cent stake in DCCDL, which holds the bulk of its office and retail complexes.

The deal, estimated to be of about Rs 12,000 crore, is expected to be completed by July this year. Promoters will re-invest a significant part of the amount realised from the sale into DLF.

The company has a land bank of 281 million sq ft, of which 37 million sq ft is under construction.