DLF Cyber City Developers completed the acquisition of 51.8% stake in Fairleaf Real Estate Private from Hines for $107m.

DLF Cyber City Developers, a material subsidiary of DLF, holds 48.2% stake in Fairleaf Real Estate Private, a joint venture company, with funds managed by Hines, which owns and operates One Horizon Center, Gurugram. DCCDL has entered into a Securities Purchase Agreement with Hines to acquire its 51.8% stake in Fairleaf for a purchase consideration of $107m. "We are delighted to acquire complete ownership of this marquee asset. This acquisition adds another trophy asset to our strong rental platform. We believe that this acquisition will be a highly value accretive for us and will add approximately Rs 150-160 crore of rental revenues annually. Post completion of this acquisition, the DCCDL platform will have approximately 34 msf of operational rental portfolio," Mr. Sriram Khattar, DLF MD-Rental Business.