Singapore’s sovereign wealth fund GIC has acquired a 33 percent stake in India’s largest developer, DLF Cyber City Developers, a subsidiary of DLF, for Rs 35,600 crore ($1.4 billion).
DLF and GIC entered into a strategic partnership to develop a rental assets portfolio, under the consolidated portfolio of DLF Cyber City.
The partnership enables sustainable, long-term growth of DLF Cyber City’s rental business and creates an optimum structure for its rental business to improve efficiency, with long-term capital for growth of the portfolio.
After the completion of the stake sale, DLF will hold 66.66 percent in DLF Cyber City. Reco Diamond will own the remaining 33.34 percent.
Formed in 2006, DCCDL is based in the northern city of Gurgaon and specializes in developing and leasing commercial properties. DCCDL’s portfolio includes DLF Cyber City in Gurgaon, a 13 million-square-foot corpor
