DLF's JV firm sells 15-lakh sq ft IT park in Kolkata for Rs 637 cr to Primarc, RDB group

Realty large DLF associated task steadfast DCCDL has sold an IT parkland successful Kolkata to Primarc and RDB radical for Rs 637 crore to monetise the rent-yielding commercialized asset.

DLF Cyber City Developers Ltd (DCCDL) -- a associated task steadfast betwixt DLF Ltd and Singapore sovereign wealthiness steadfast GIC -- owns a ample portfolio of commercialized assets (office complexes and buying malls) chiefly successful Delhi-NCR and Chennai.

DLF owns 66.67 per cent involvement portion GIC 33.33 per cent successful the DCCDL.

According to a regulatory filing connected Friday, DLF Info City Developers (Kolkata) Ltd, a wholly owned subsidiary of the DCCDL, has entered into definitive statement to merchantability and transportation its Kolkata Tech Park 1 concern undertaking to RDB Primarc Techno Park LLP (an affiliate of Primarc & RDB group), connected a slump merchantability ground for an aggregate information of astir Rs 637 crore.

Kolkata Tech Park 1 is 1 of the largest IT Parks successful eastbound India with gross leasable country of astir 1.49 cardinal sq ft. It is location to planetary exertion leaders.

DLF Rental Business Vice-Chairman & MD Sriram Khattar said, "This is reflective of the worth embedded successful our halfway assets created implicit the years with bully prime tenant partners and plus management." The woody besides "demonstrates our committedness to continuously heighten shareholder value." 

Primarc Group Managing Director Sidharth Pansari said, "We are excited astir this transaction which is simply a pivotal measurement successful our maturation and diversification journey. It strengthens our publication to Bengal's tech ecosystem, and we volition payment immensely from DLF's learning, systems & processes." 

RDB Group Promoter Vinod Dugar said, "This measurement strengthens our associated committedness to supporting Bengal's dynamic system done projects that prioritise some sustainability and excellence." 

DLF, the country's largest existent property developer successful marketplace cap, has developed much than 180 existent property projects and developed an country of 351 cardinal sq ft.

The radical has 220 cardinal sq ft of improvement imaginable crossed residential and commercialized segments.

DLF is chiefly engaged successful the concern of improvement and merchantability of residential properties (development business) and the improvement and leasing of commercialized and retail properties (annuity business).

It has an annuity portfolio of implicit 45 cardinal sq ft with an yearly rental income of implicit Rs 4,000 crore. Bulk of the DLF's Group commercialized portfolio is held by the JV steadfast DCCDL.