GIC in JV with DLF to develop office and retail assets in India with enterprise value of $7.6 bil

NEW DELHI/SINGAPORE (Aug 27): DLF, one of India’s leading property developers, and GIC, Singapore’s sovereign wealth fund, have entered into a joint venture to develop a portfolio of rent yielding portfolio of office and retail assets under DLF Cyber City Developers (DCCDL).

According to the joint press release by DLF and GIC, this is one of the largest private equity transactions in India in the real estate space.

DCCDL is expected to have an enterprise value of Rs 35,617 crore ($7.6 billion). After completion of the transaction, DLF will hold a 66.66% stake in the JV while GIC will hold the remaining 33.34%.

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