DLF transfers Noida mall to its subsidiary for two,950 crore

Realty main DLF stated it has transferred shopping center in Noida, Uttar Pradesh, to its subsidiary agency for 2,950 crore, as a part of efforts to settle dues of its three way partnership agency with GIC.

DLF has to pay 8,700 crore to the DLF Cyber Metropolis Builders Ltd (DCCDL), which is a three way partnership agency of DLF and Singapore’s sovereign wealth fund GIC. It desires to settle these dues by September this yr by way of switch of rental belongings and land parcels.

In a regulatory submitting on Thursday, DLF knowledgeable that the corporate has transferred its property, Mall of India, Noida, to one among its subsidiaries Paliwal Actual Property Ltd, within the bizarre course of enterprise at an arm’s size consideration of 2,950 crore, arrived on the premise of the valuation report of an unbiased valuer.

“That is in step with the corporate’s acknowledged goal of streamlining and consolidating the operations and holding construction of its rental belongings,” DLF added.

Mall of India is positioned in Sector 18, Noida, with a leasable space of two million sq ft. It was developed at a value of round 2,000 crore.

In keeping with sources, the switch of Mall of India to a subsidiary agency has paved the way in which for promoting this retail asset to DCCDL to clear the dues.

DLF has 66.66% stake within the three way partnership agency, whereas GIC has 33.34% shareholding.

DCCDL presently holds round 30 million sq ft of rent-yielding industrial belongings, largely in Gurugram (Haryana) with annual rental earnings of over 2,500 crore.

The JV was shaped in December 2017 when DLF promoters offered total 40 per cent stake in DCCDL for practically 12,000 crore.

This deal included sale of 33.34 per cent stake in DCCDL to GIC for about 9,000 crore and buyback of remaining shares value about 3,000 crore by DCCDL.

This story has been revealed from a wire company feed with out modifications to the textual content. Solely the headline has been modified.

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