In a BSE filing made during market hours today, the realty major said that DCCDL currently held 48.2% stake in Fairleaf Real Estate. Fairleaf is a joint venture company, with funds managed by Hines, which owns and operates One Horizon Center, Gurugram.

One Horizon Centre is an asset forming part of a larger mixed-use development located in DLF 5, Gurugram. The leasable area of the property is approximately 8,13,000 square feet offering high-end Grade A office spaces along with complementary retail space.

DCCDL has entered into a securities purchase agreement with Hines to acquire its 51.8% stake in Fairleaf for a purchase consideration of approximately Rs 780 crore, subject to closing adjustments.

The transaction is expected to be consummated in the next quarter subject to requisite closing actions, post which Fairleaf will become a wholly-owned subsidiary of DCCDL.

Sriram Khattar, MD-Rental Business, DLF commented, We are delighted to acquire complete ownership of this marquee asset. This acquisition adds another trophy asset to our strong rental platform. We believe that this acquisition will be a highly value accretive for us and will add approximately Rs 150-160 crore of rental revenues annually. Post completion of this acquisition, the DCCDL platform will have approximately 34 msf of operational rental portfolio.

He added, We are pleased to conclude this successful partnership with Hines and hope that our continued relationship will lead to development of more projects in the future by leveraging on our respective strengths.

DLF is a real estate developer primarily engaged in the business of development and sale of residential properties and the development and leasing of commercial and retail properties. The company has developed approximately 153 real estate projects and developed an area of approximately 330 million square feet.

The company's consolidated net profit dropped 37.1% to Rs 114.10 crore on a 6.2% decline in net sales to Rs 1,609.82 crore in Q2 September 2020 over Q2 September 2019.

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DLF Ltd gained 2.43% today to trade at Rs 231.6. The S&P BSE Realty Index index is up 1.64% to quote at 2399.51. The index is up 16.39 % over last one month. Among the other constituents of the index, Prestige Estates Projects Ltd increased 1.93% and Sobha Ltd added 1.84% on the day. The S&P BSE Realty Index index went up 5.91 % over last one year compared to the 13.76% surge in benchmark SENSEX.

DLF Ltd has added 23.78% over last one month compared to 16.39% gain in S&P BSE Realty Index index and 7.13% rise in the SENSEX. On the BSE, 43765 shares were traded in the counter so far compared with average daily volumes of 8.86 lakh shares in the past one month. The stock hit a record high of Rs 266.65 on 01 Feb 2020. The stock hit a 52-week low of Rs 114.5 on 25 Mar 2020.

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DLF Ltd gained 2.28% today to trade at Rs 192.5. The S&P BSE Realty Index index is up 1.38% to quote at 1985.78. The index is up 15.27 % over last one month. Among the other constituents of the index, Phoenix Mills Ltd increased 1.32% and Sobha Ltd added 1.22% on the day. The S&P BSE Realty Index index went down 6.74 % over last one year compared to the 8.59% surge in benchmark SENSEX.

DLF Ltd has added 16.84% over last one month compared to 15.27% gain in S&P BSE Realty Index index and 8.69% rise in the SENSEX. On the BSE, 57278 shares were traded in the counter so far compared with average daily volumes of 8.08 lakh shares in the past one month. The stock hit a record high of Rs 266.65 on 01 Feb 2020. The stock hit a 52-week low of Rs 114.5 on 25 Mar 2020.

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Net profit of DLF declined 47.93% to Rs 232.14 crore in the quarter ended September 2020 as against Rs 445.85 crore during the previous quarter ended September 2019. Sales declined 6.16% to Rs 1609.82 crore in the quarter ended September 2020 as against Rs 1715.51 crore during the previous quarter ended September 2019.

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