DLF Assets Ltd.

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Investee: DLF Assets Ltd.

Investor: D. E. Shaw & I PCC

Investment Value: $600 mn (cumulative)

Says, Naveen Jain, Real Estate Analyst, Emkay Share, “DLF Assets holds property and earns its bread and butter from the capital appreciation and rents from various properties that it has acquired from DLF. The infusion of growth capital will help DLF Assets to acquire more and more assets. DE Shaw & I PCC are betting on the Singapore listing (and may exit at the time of listing to rake in handsome returns) for which DLF Assets still needs to provide a lot of clarifications. For now, DAL is aggressively adding more properties to its existing portfolio, with plans to spend $1 billion annually for acquiring properties.”

DLF Assets Ltd. (DAL), a sister concern of DLF, sprang a surprise last year, striking it rich with not one but two PE deals, one with Hedge Fund D.E. Shaw for $400 million and the other with New Opportunities I PCC (sponsored by Lehman Brothers) for $200 million. The deals give DAL requisite growth capital and investors will gain by selling their stake in DAL through the proposed listing as a Real Estate Investment Trust (REIT) in Singapore Stock Exchange. They plan to raise as much as $2 billion by the listing. “The process of listing is in advance stages and pretty soon other details will be revealed,” offers a source in DLF. Both investors will get a seat on the DAL board and will play a critical part in future decisions. In HY ’08, sales to DLF Assets accounted for a huge 47% of DLF’s total income. DLF Assets has acquired more than 5.5 million square feet from DLF. To further boost its portfolio, DAL also plans to acquire SEZ assets.

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Source : IIPM Editorial, 2008

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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