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Report: DLF short-lists 6 bidders for 40% stake in rental arm


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Report: DLF short-lists 6 bidders for 40% stake in rental arm

trimmed its choices forthe potential winner of its estimated 130.00 billion-Indian-rupee sale of a 40%stake in DLF CyberCity Developers Ltd., The Economic Timesof India reported, citing two unnamed sources familiar with the deal.

Singaporeanwealth fund GIC, Blackstone GroupLP, Warburg Pincus, Canada's Brookfield Asset Management, aconsortium of Abu Dhabi Investment Authority, Kotak Realty Fund and QatarInvestment Authority and another unnamed fund are the short-listed bidders.

Thesale drew 11 offers in total, including those from Temasek, Khazanah, CanadaPension Plan Investment Board and Goldman Sachs, according to one of thepublication's sources.

Proceedsfrom the stake sale are intended to pare down DLF's in its development unit and, ineffect, reduce risk on its business strategy for residential operations.

Asfor the rental arm, DLF will partner with the winning bidder to manage DLF Cyber City, coincidingwith a plan to launcha REIT in India, the publication noted.

Blackstoneis said to be considering its options for a separate and spinoff of its Indian mallsinto a real estate investment trust, amid the country regulator's easing of rules for thevehicle.

As of July 8, US$1 wasequivalent to 67.19 Indian rupees.