by THO
DLF Ltd announced on November 29 that its subsidiary, DLF Info City Developers (Kolkata) Ltd., a wholly owned subsidiary of DLF Cyber City Developers Ltd, has entered into definitive agreement to sell and transfer its Kolkata Tech Park 1 business undertaking to RDB Primarc Techno Park LLP, an affiliate of Primarc and RDB group, on a slump sale basis for an aggregate consideration of approximately Rs. 637 crores.
DLF Cyber City Developers Ltd (DCCDL), a joint venture firm between DLF Ltd and Singapore sovereign wealth firm GIC, owns a large portfolio of commercial assets (office complexes and shopping malls) mainly in Delhi-NCR and Chennai. DLF owns 66.67 per cent stake while GIC 33.33 per cent in the DCCDL.
Kolkata Tech Park 1 is one of the largest IT Park in eastern India with gross leasable area of approximately 1.49 mln. sqft. It is LEED Platinum Certified building from USGBC and home to global technology leaders.
Commenting on the deal, Sriram Khattar, vice chairman and MD, DLF Rental Business said that “This is reflective of the value embedded in our core assets created over the years with good quality tenant partners and asset management. It also demonstrates our commitment to continuously enhance shareholder value.”
Sidharth Pansari, Managing Director of Primarc Group & President 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 and processes.”
Vinod Dugar, promoter of RDB Group, said “This step strengthens our joint commitment to supporting Bengal’s dynamic economy through projects that prioritise both sustainability and excellence.”
More about the transaction
JLL was the sole transaction advisor. Shardul Amarchand Mangaldas & Co and PwC were the legal and financial advisors respectively to DLF.
DLF, the country’s largest real estate developer in market cap, has developed more than 180 real estate projects and developed an area of 351 million sq ft. The group has 220 million sq ft of development potential across residential and commercial segments.
