New Delhi: Realty major DLF on Tuesday announced sale of 33 per cent stake in its upcoming commercial project in Gurugram to US-based Hines, in a deal size estimated at around Rs 650 crore. In October last year, DLF had signed a term sheet with Hines to develop a prime commercial project on 11.76 acre land parcel in Gurugram that it bought for nearly Rs 1,500 crore through e-auction conducted by the Haryana government in February 2018.
The realty major’s subsidiary DLF Home Developers Ltd (DHDL) and Hines group firm Green Horizon Trustee have entered into a joint venture (JV) to develop a high-end commercial project in Gurugram, the company said in a statement. DHDL will hold 67 per cent stake in the JV while 33 per cent will be held by Hines. Hines has invested Rs 500 cr in the first tranche.
