Hines has around nearly 52 per cent stake in the One Horizon Centre while the rest is with DCCDL. DCCDL has the first right of refusal with respect to acquiring Hines' stake.
The commercial tower One Horizon Center has leasable area of about 8,13,000 square feet offering high-end Grade A office spaces along with complementary retail space.
The acquisition is subject to customary conditions to closure and is expected to be consummated in the next quarter.
Sriram Khattar, MD-Rental Business, DLF, said the company has acquired complete ownership of this asset.
"This acquisition adds another trophy asset to our strong rental platform. We believe that this acquisition will be highly value accretive for us and will add approximately Rs 150-160 crore of rental revenues annually," Khattar said.
Post acquisition, the DCCDL platform will have about 34 million sq ft of operational rental portfolio.
In December 2017, DLF entered into this joint venture with GIC when DLF promoters sold their entire 40 per cent stake in DCCDL for nearlyRs 12,000 crore.
This deal included sale of 33.34 per cent stake in the DCCDL to GIC for aboutRs 9,000 crore and buyback of remaining shares worth aboutRs 3,000 crore by DCCDL.
DLF holds 66.66 per cent stake in DCCDL while GIC has the rest.
DCCDL had reported a 15 per cent rise in its rental income last fiscal at Rs 3,006 crore on strong demand for quality office and retail spaces.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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