has started talks with investorsto bring its malls under separate special vehicles that will potentially be turnedinto REITs, a "drawn out" process that could rake in up to US$1 billionfor the Indian developer, the company said
DLF CEORajeev Talwar was quoted by India's BusinessStandard as saying that the group will gradually bring income-generating mallsinto the vehicles.
The companyexpects the vehicles to attract partners, who will then price and list them intoREITs. Each vehicle could have one or more assets, Talwar said.
Accordingits website, the company has sevenmalls and another two in the pipeline. One of the malls listed in the website, DLFPlace Saket, however, was recentlysold to the company's unit Nambi Buildwell Pvt. Ltd. for 9.05 billion Indian rupees.
DLF isalso in the midst of selling its promoters' 40% stake in the company's rental business,a deal that could rakein between 120.00 billion rupees and 140.00 billion rupees.
As of May 5, US$1 was equivalentto 66.56 Indian rupees.