In West Bengal's largest real estate deal, DLF JV firm sells IT park for Rs 637 cr to Primarc, RDB

In the largest real estate deal of West Bengal, DLF joint venture firm DCCDL has sold an IT park in Kolkata to Primarc and RDB Group for Rs 637 crore to monetise the rent-yielding commercial asset.

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DLF Cyber City Developers Ltd (DCCDL) a joint venture firm between DLF Ltd and Singapore sovereign wealth firm GIC owns a large portfolio of commercial assets (office complexes and shopping malls) mainly in Delhi-NCR and Chennai. DLF owns 66.67 per cent stake while GIC 33.33 per cent in the DCCDL. According to a regulatory filing on Friday, DLF Info City Developers (Kolkata) Ltd, a wholly owned subsidiary of the DCCDL, has entered into a definitive agreement to sell and transfer its Kolkata Tech Park 1 business undertaking to RDB Primarc Techno Park LLP (an affiliate of Primarc & RDB group), on a slump sale basis for an aggregate consideration of about Rs 637 crore.

"This is not only the largest real estate deal in Bengal but also a major acquisition by Bengal-based companies," said Surekha Bihani, senior managing director of JLL - East and Emerging Markets. Kolkata Tech Park 1 is one of the largest IT Parks in eastern India with a gross leasable area of about 1.49 million sq ft. It is home to global technology leaders.

DLF Rental Business Vice-Chairman & MD Sriram Khattar said, "This is reflective of the value embedded in our core assets created over the years with good quality tenant partners and asset management." The deal also "demonstrates our commitment to continuously enhance shareholder value." Primarc Group Managing Director Sidharth Pansari said, "We are excited about this transaction which is a pivotal step in our growth and diversification journey. It strengthens our contribution to Bengal's tech ecosystem, and we will benefit immensely from DLF's learning, systems & processes."

RDB Group Promoter Vinod Dugar said, "This step strengthens our joint commitment to supporting Bengal's dynamic economy through projects that prioritise both sustainability and excellence." JLL acted as the sole transaction advisor. DLF, the country's largest real estate developer in market cap, has developed more than 180 real estate projects and developed an area of 351 million sq ft. The group has 220 million sq ft of development potential across residential and commercial segments.

DLF is primarily engaged in the business of the development and sale of residential properties (development business) and the development and leasing of commercial and retail properties (annuity business). It has an annuity portfolio of over 45 million sq ft with an annual rental income of over Rs 4,000 crore. The bulk of the DLF's Group commercial portfolio is held by the JV firm DCCDL.

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