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DLF Ltd and its joint venture partner Hubtown Ltd, formerly known as Ackruti City Ltd, have sold their stake in a Pune special economic zone (SEZ) for Rs. 810 crore to US private equity firm Blackstone Group.

Hubtown and DLF held 33% and 67% equity shares in the SEZ, respectively, the nation’s largest property developer said in a statement on BSE on Wednesday.

Rajeev Talwar, group executive director, DLF, said the company will use the money to reduce debt. Blackstone didn’t immediately respond to an email query.

DLF’s net debt rose by nearly Rs. 1,000 crore in the quarter ended September to Rs. 22,519 crore, which the firm had said was because of delays in receiving payments from its sales of non-core assets. It aims to pare its debt to Rs. 19,000-19,500 crore by the end of this financial year.

The 25-acre SEZ in Pune, with a built-up area of nearly 2.5 million sq. ft, is fully built and leased out to tenants.

“The deal has been closed at a good valuation and is a great deal for the sellers,” said Amit Goenka, national director-capital transactions, Knight Frank India, a property advisory.

“For the buyer, there are no development or construction risks and the property generates fixed income yields, has long-term tenants who will give strong annuity cashflows.”

Via : LiveMint.com

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