DLF Sells Kolkata IT Park for Rs 637 Cr - Real Estate News

New Delhi, Nov 29 (PTI) Realty major DLF joint venture firm DCCDL has sold an IT park in Kolkata to Primarc and RDB group for Rs 637 crore.

DLF Info City Developers (Kolkata) Ltd, a wholly owned subsidiary of DLF Cyber City Developers Ltd (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, DLF said in a regulatory filing.

Kolkata Tech Park 1 is one of the largest IT parks in eastern India with gross leasable area of about 1.49 million sq ft.

It is home to global technology leaders.

"This is reflective of the value embedded in our core assets created over the years with good quality tenant partners and asset management," DLF Rental Business Vice-Chairman & MD Sriram Khattar said.

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 learnings, systems & processes."

Vinod Dugar, Promoter of RDB Group, said, "This step strengthens our joint commitment to supporting Bengal's dynamic economy through projects that prioritise both sustainability and excellence."

The DCCDL is a joint venture firm between DLF Ltd and Singapore sovereign wealth firm GIC.