DLF Cyber City Developers picks 51.8% stake in Fairleaf Real Estate

New Delhi, Feb 18 (IANS) DLF Cyber City Developers Ltd (DCCDL), a subsidiary of DLF Ltd, has completed the acquisition of 51.8 per cent stake in Fairleaf Real Estate Private Ltd for Rs 779.40 crore.

Consequent 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.

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.

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