DLF Limited finalizes Rs 637cr sale of Kolkata IT Park to Primarc & RDB Group

DLF Limited, India’s top real estate developer, has announced a major transaction involving the sale of its Kolkata IT Park business to Primarc & RDB Group. The deal, valued at approximately ₹637 crore, was concluded through DLF’s subsidiary, DLF Info City Developers (Kolkata) Ltd. The sale was executed on a slump sale basis, transferring the operations and assets of one of the largest Kolkata IT Park in Eastern India to the new owners. This move aligns with DLF real estate strategy to optimise its asset portfolio while enhancing shareholder value.

Kolkata IT Park: A prominent tech hub in Eastern India

Kolkata IT Park is one of the largest IT parks in Eastern India, covering a gross leasable area of 1.49 million square feet. The building is a LEED Platinum certified property, reflecting its commitment to sustainability. Home to numerous global technology leaders, it has earned a reputation as a prime location for businesses in the IT and tech sector. DLF real estate’s decision to sell this landmark asset comes as part of its ongoing efforts to streamline operations and unlock value from its real estate portfolio.

Deal dynamics: Industry experts weigh in

In a statement about the sale, Mr. Sriram Khattar, Vice Chairman and Managing Director of DLF real estate’s Rental Business, emphasized that the deal exemplifies the value embedded in DLF real estate’s core assets. He added that the sale is a testament to the company’s successful strategy of nurturing high-quality tenant relationships and focusing on long-term asset management. “This deal is not just a significant financial transaction but also a demonstration of DLF real estate’s commitment to enhancing shareholder value,” Mr. Khattar stated.

Meanwhile, Mr. Sidharth Pansari, Managing Director of Primarc & RDB Group, expressed his excitement over the acquisition. He described it as a key milestone in the company’s growth strategy and its increasing contribution to Bengal’s thriving tech ecosystem. “This acquisition allows us to strengthen our position in the IT sector, with DLF real estate’s world-class systems and processes serving as a significant advantage,” Mr. Pansari added.

Vinod Dugar, Promoter of Primarc & RDB Group, also shared his thoughts, calling the deal a step forward in the group’s commitment to supporting Bengal’s dynamic economy. “We are particularly focused on sustainability and excellence in all our projects, and this acquisition aligns with that vision,” Mr. Dugar said.

Strategic advisors and legal backing

The transaction saw the involvement of several prominent firms as advisors. Jones Lang Lasalle (JLL) acted as the sole transaction advisor for the deal, while Shardul Amarchand Mangaldas & Co provided legal counsel. PwC served as the financial advisor to DLF real estate, ensuring that the deal was executed seamlessly and in line with the company’s broader strategic goals.

About DLF: A legacy of growth and innovation

DLF real estate is one of India’s most respected real estate companies, with a legacy spanning over seven decades. The company has developed over 180 projects across residential and commercial sectors, covering an area of 351 million square feet. DLF real estate’s portfolio includes a significant annuity business with over 45 million square feet under its rental operations. The company is renowned for its sustainability efforts, holding more than 40 LEED Zero certifications from the US Green Building Council, the highest of any developer globally.

DLF’s commitment to sustainability is also reflected in its recent achievement of 20 Sword of Honour awards from the British Safety Council, underscoring its leadership in safety and environmental standards within the industry.

A forward-looking approach to real estate investment

As the transaction unfolds, DLF real estate continues to position itself for long-term growth, with a focus on both residential and commercial real estate developments. The sale of Kolkata IT Park to Primarc & RDB Group further reinforces DLF’s strategy to unlock value from its existing assets while fostering its rental business segment.