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DLF completes acquisition of 51.8% stake in Fairleaf

Capital Market 

The realty major on Thursday announced that its material subsidiary DLF Cyber City Developers (DCCDL) has completed the acquisition of 51.8% stake in Fairleaf Real Estate for Rs 779.40 crore.

Consequently, Fairleaf has become a wholly owned subsidiary of DCCDL.

DCCDL had in December 2020 entered into a securities purchase agreement with funds managed by Hines for acquisition of their stake in Fairleaf, which owns and operates One Horizon Centre, Gurugram.

One Horizon Centre is an asset forming part of a larger mixed-use development located in DLF 5, Gurugram. The leasable area of the property is approximately 8,13,000 square feet offering high-end Grade A office spaces along with complementary retail space.

Shares of DLF were trading 0.6% lower at Rs 304.40. DLF is the largest publicly listed real estate company in India, with residential, commercial, and retail properties in 15 states and 24 cities.

The realty major reported 9% rise in consolidated net profit to Rs 452 crore on 15% jump in net sales to Rs 1543 crore in Q3 FY21 over Q3 FY20.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Fri, February 19 2021. 09:19 IST