Hynes holds about 52% stake in the center while DCCDL holds the rest. In its agreement, DCCDL has first right of refusal, that is, Hynes must first offer to the partner if he sells his share in it. The deal is expected to be completed in the next quarter.
Property rental to be increased by Rs 160 crore annually
Shriram Khattar, MD, DLF, Rental Business, said that the company has now fully owned the property. He said that this purchase would be a value addition for the company and this would increase the rental revenue by about 150 to 160 crores annually.
DCCDL to have 3.4 crore sq ft rental portfolio
After the purchase of this property, DCCDL will have an operational rental portfolio of about 34 million square feet. DLF formed this joint venture with GIC in December 2017 when DLF promoters sold their entire 40% stake in DCCDL for Rs 12,000 crore.