DLF Cyber City Buys 51.8% Stake in Fairleaf Real Estate

Real estate firm DLF has acquired Fairleaf Real Estate. The DLF group has purchased 51.8 percent of the Fairleaf's stake through its subsidiary DLF Cyber City Developers (DCCDL) that operates Gurgaon's upmarket commercial complex, One Horizon Center.

DLF had ventured into a share purchase agreement last quarter and with the deal that is now sealed. However, Fairleaf has become a wholly-owned subsidiary of DCCDL, the real estate firm informed the Bombay Stock Exchange.

DLF Cyber City Developers Ltd (DCCDL), a subsidiary of DLF Ltd, has closed the deal of acquiring 51.8 percent stake in Fairleaf Real Estate Private for Rs 779.40 crore.

Subsequent to the transaction, Fairleaf has become a wholly-owned subsidiary of DCCDL, DLF said in a regulatory filing on Thursday.

“We would now like to inform that DCCDL has completed the acquisition of this 51.8 per cent stake at a consideration of Rs 779.40 crore and consequently, Fairleaf has become a wholly-owned subsidiary of DCCDL with effect from today i.e. 18th February 2021,” it said.

However, in December, DCCDL had executed the Securities Purchase Agreement for the acquisition of the majority stake in Fairleaf, subject to customary closing adjustments in relation to One Horizon Centre, an asset forming part of the larger mixed use development located in DLF-5, Gurugram with the leasable area of around 8.13 lakh square feet offering high-end Grade-A office spaces along with complimentary retail space.