New Delhi:
Realtor & Singapore sovereign fund form two separate JVs for the Delhi projects, which may be launched by the middle of next year
DLF Home Developers, a subsidiary of India's biggest property developer DLF, has entered into a joint venture with Singapore's sovereign wealth fund GIC which will invest in the builder's two upcoming projects in Delhi.
The projects will be located in Moti Nagar area near central Delhi where DLF had bought two separate parcels of land from DCM Shriram Consolidated and Lohia Group in 2007. It . 1,582 crore for the 38had paid ` acre property known as Swatantra Bharat Mills and DCM Silk Mills. The two sellers had 50:50 rights on the land. DLF has so far built three phases of its residential project Capital Greens and a commercial tower on a part of this land.
DLF and GIC have agreed to set up two separate JVs for the plots of land and GIC will invest . 1,990 crore between the two ` JVs. These JVs are expected to benefit from GIC's experience of investing in integrated developments across the globe. DLF will now seek approvals for the two projects, which it plans to launch in the middle of next year.
“We hope that this investment is a beginning of a new relationship with GIC at the project level. We look forward to working together with GIC in many projects, both residential and com mercial,“ said Saurabh Chawla, senior executive director, finance at DLF. “Going forward, such project level investments shall lead to unlocking of embedded value in many of DLF's development projects,“ he said.
ET had on Au gust 27 reported that DLF is close to signing a deal with GIC to sell majority stake in the next phase of ts residential project DLF Cap tal Greens. Loh Wai Keong, managing director and co-head Asia at GIC Real Estate said GIC s confident about India's long erm growth potential. “We hope to leverage our mutual strengths to grow this partner ship with DLF and to collaborate on more projects in the future,“ he said. DLF said the investment is subject to meeting all statutory requirements prior to the closing.
The developer has been grappling with a high level of debt along with slowing sales in its key market of Gurgaon. It has been in talks with GIC and some other private equity players to sell stakes in a few of its residential projects in the National Capital Region to raise money for its development company.
The company's net debt increased ` . 21,598 . 633 crore to ` crore in the quarter to June.The net debt attributable to its development arm Devco is . 7,598 crore.`
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