DLF, Hubtown sell Pune IT SEZ for 810cr to Blackstone

By Accommodation Times (www.accommodationtimes.com)
The co-owner of Pune IT SEZ DLF and Hubtown has announced that they have sold it to private equity fund Blackstone for . 810 crore.
An IT SEZ located un Pune’s Hinjewadi area which has been sold to Blackstone, in which DLF has a 67percent stake in joint venture with Hubtown which holds 33% shares in that.
The senior officials of DLF (the biggest real estate company of India) have announced that “the company has sold 100% shareholding with their joint venture partner Hubtown in DLF Ackruti Info Parks (Pune), for the cumulative contemplation of Rs.810cr to an entity controlled by real estate fund affiliated with The Blackstone Group, BRE/Mauritius Investments II, after obtaining all necessary approvals.”
On the other hand DLF is a row selling one by one its assets to reduce debt which is having Rs 22,519 crore as on September 30, 2011. So far company has succeed to raise Rs.3480cr by selling its non-core assets, and planning to increase it to the Rs.7000cr in the upcoming 2fiscal years.

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