DLF Ltd. on Friday announced that its subsidiary DLF Info City Developers Kolkata Ltd. will sell its tech park in Kolkata to RDB Primarc Techno Park LLP.
The real estate developer's arm has entered into a definitive agreement to sell and transfer the business undertaking to the tech park operator on a slump sale basis for an aggregate consideration of approximately Rs 637 crore, according to the exchange filing.
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Kolkata Tech Park 1, which has gross leasable area of approximately 1.49 million square feet, is one of the largest IT parks in eastern India.
The building, which has been certified LEED Platinum by the non-profit US Green Building Council, houses global technology leaders, according to the press release. Such types of buildings are designed to be energy efficient, water efficient, and environment-friendly.
Commenting on the deal, Sriram Khattar, vice chairman and managing director of DLF's rental business, said, “This is reflective of the value embedded in our core assets created over the years with good quality tenant partners and asset management. It also demonstrates our commitment to continuously enhance shareholder value.”
Primarc Group Managing Director Sidharth Pansari said the deal is a "pivotal step" in the company's growth and diversification journey. “It strengthens our contribution to Bengal's tech ecosystem, and we will benefit immensely from DLF's learnings, systems and processes," he added.
Vinod Dugar, the promoter of RDB Group, believes that the move "strengthens our joint commitment to supporting Bengal's dynamic economy through projects that prioritise both sustainability and excellence".
Real estate valuer JLL was the sole transaction advisor, while Shardul Amarchand Mangaldas & Co. and PwC were the legal and financial advisors, respectively to DLF.
Shares of DLF Ltd. closed 1.05% higher at Rs 822.80 apiece on the BSE, compared to a 0.96% advance in the benchmark Sensex.
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