Blackstone, 2 others selected to sell DLF’s stake in office rental arm

Private equity group Blackstone; a consortium of sovereign funds of Abu Dhabi, Qatar together with Kotak Realty Fund; and GIC of Singapore are the final three shortlisted candidates in race to pick up the entire 40% stake held by DLF promoters in the office rental arm -DLF Cyber City Developers Limited (DCCDL). The three have submitted nonbinding offers estimated between $1 billion and 1.1 billion for the stake, pegging DCCDL’s equity valuation (excluding debt) at about $2.5 billion, said multiple sources. directly familiar with the developments. They have also initiated a detailed due diligence exercise.

Read more: Economic Times