PE players Blackstone, GIC, others in race for DLF promoter stake in rental arm

Photo: Pradeep Gaur/Mint

Blackstone, GIC, Canada Pension Plan and Qatar Investment Authority  are among the 25 global investment firms that have shown interest in buying real estate giant DLF’s promoters’ stake in its rental arm. The deal is estimated to be around $2 billion, according to a report by Press Trust of India quoted in Livemint.

Singapore-based Mapletree and Abu Dhabi Investment Authority are also among the institutional investors who have shown interest in the bidding process.

In October last year, DLF had announced that its promoters will sell their 40 per cent stake in the rental subsidiary DLF Cyber City Developers Ltd. DLF owns remaining 60 per cent stake in the arm, through which it holds a bulk of office and retail complexes.

The promoters will re-invest a significant part of the amount realised from the sale into DLF.

Singapore sovereign wealth fund GIC recently invested nearly Rs.2,000 crore in DLF’s two upcoming projects in the national capital. In 2011, DLF had sold its stake in IT SEZ at Pune to Blackstone.

“More than 25 global institutional investors have evinced interest in this proposed transaction. We expect to sign term sheet by end of March or mid-April,” DLF’s senior executive director finance Saurav Chawla had said last week.

DLF is aiming to complete the deal by July. Market sources had earlier said that the deal size could be about Rs.12,000-14,000 crore.

“With this proposed transaction, DLF will be able to achieve three of its main objectives — removal of conflict of interest, creation of a rental platform with large financial investors and reducing substantial portion of debt,” Chawla had said in October.

Also Read: India: DLF plans share sale in commercial office portfolio, sees high global investor interest

India: Competition Commission approves DLF’s JV with Singapore GIC for Delhi projects

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.