India Digest: K Raheja Corp, DLF advance on asset sales

Photo: Pradeep Gaur/Mint

K Raheja Group is looking to sell stake in its commercial real estate unit for around $500 million while DLF has attracted bids of over $1 billion for its commercial property unit.

K Raheja Group looks to sell stake in unit for $500m

Real estate developer K Raheja Corp is looking to divest a minority stake in its income-yielding commercial real estate unit, which could possibly fetch $500 million, said a Times of India report quoting sources.

The Mumbai-based company has mandated JM Financial and Morgan Stanley for a share sale process.

The planned deal could value the office space portfolio, now branded Mindspace, at around $2 billion, and the promoters could divest around 25 per cent stake in the unit, said one source.

A second source said, the company could divest between 15-20 per cent stake, pegging the fund-raising at $300-500 million.

DLF gets bids of over $1b for rental arm stake

Blackstone Group, GIC of Singapore and Brookfield Asset Management have made separate bids of over $1 billion to acquire a 40 per cent stake in DLF‘s commercial property unit, according to a Times of India report quoting sources.

The three global investors are among those who made offers as the deadline for filing bids ended last weekend. A consortium of Qatar and Abu Dhabi sovereign funds, along with Kotak Realty Fund, is said to have submitted its bid.

DLF plans to sell a significant minority interest in DLF Cyber City Developers (DCCDL), which owns the leased commercial assets including office and retail space portfolio in the National Capital Region and in Kolkata.

The three big investors are learnt to have made non-binding offers estimated at $1-1.3 billion for the 40% stake, pegging DCCDL’s equity valuation (excluding debt) at about $2.5 billion.

Also Read:

K Raheja Corp to invest $301m in buying land bank, developing office space in Navi Mumbai

India: DLF begins stake sale of rental assets arm DLF CyberCity

 

 

 

 

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

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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.