- 17 Apr 2025
- ICICIdirect Research
DLF ENTERED INTO A DEFINITIVE MASTER FRAMEWORK AGREEMENT WITH SRIJAN REALTY
DLF - 678 Change: -2.65 (-0.39 %)News: DLF entered into a definitive Master Framework Agreement with Srijan Realty and its subsidiary companies for sale of its Kolkata IT/ITeS SEZ comprising freehold land parcel admeasuring ~25.90 acres, along with constructed building namely DLF Tech Park with a gross leasable area of ~10,54,357 square feet for a cash consideration of ~₹ 693 crore subject to requisite adjustments as agreed in the MFA.
View: Kolkata IT/ITES SEZ business contributed ~₹ 86.26 crore (~2.11% of turnover) in FY24. During Q3FY25, it had hived off one IT park in Kolkata for ₹ 675 crores. The management had earlier indicated that the exit of rental assets in Kolkata is to free management bandwidth and focus on geographies where rental income is higher. Hence, we believe the complete exit of rental assets in Kolkata should benefit the company to focus on higher rental income generating assets at other locations.
Impact: Positive