DLF to sell 40% stake in its rental arm; gets over $1bn bids

Zee Media Bureau

New Delhi: India’s largest realty firm DLF that had initiated the process to sell promoters’ 40 percent stake in its rental arm has seen over $1-billion separate bids coming from Blackstone Group, GIC of Singapore and Brookfield Asset Management, as per a newspaper report.

A report in the Times of India said tha consortium of “Qatar and Abu Dhabi sovereign funds, along with Kotak Realty Fund, is seen as the fourth bidder in the process.”

DLF had in October last announced that its promoters will sell their stake in the DLF Cyber City Developers Ltd (DCCDL), which holds the bulk of office and retail complexes.

The realty firm would continue to own remaining 60 percent stake in DCCDL.

As per the memorandum, DLF Cyber City Developers Ltd (DCCDL) has about 25-26 million sq ft of leased commercial space with an annual rental income of about Rs. 2,250 crore.