Track2Realty-Agencies: DLF today, Dec 19, said it has signed an agreement for effecting a sale of the luxury hotel chain Amanresorts to the hospitality property’s founder and Chairman Adrian Zecha for about USD 300 million (over Rs 1,600 crore).
China-based conglomerate, HNA, has joined the race to buy Aman Resorts, the biggest non-core asset of realty major DLF, according to analysts and bankers.
Aman Resorts, the chain of luxury resorts owned by DLF may be sold for more than $400 million, according to the sources.
Track2Realty-Agencies: DLF expects to raise about Rs 2,500 crore by end of this fiscal from sale of its two non-core businesses, luxury hospitality chain Aman Resorts and wind energy, a company official has said.
ICICI Ventures-backed Delta Corp has acquired 51 per cent stake in Daman Hospitality Pvt Ltd for Rs 50 crore in its second acquisition this year.
Track2Realty: DLF lost 2.85% to Rs 246.70 at 11:09 IST on BSE after the company after market hours on Thursday, 14 February 2013, reported weak Q3 December 2012 results at operational level.
Track2Realty Exclusive-Yearly Analysis: Leading developers are resorting to desperate measures like selling their land banks, half finished projects and other noncore assets to reduce the burgeoning debt burden. The situation is set to become worse as land banks have already started shrinking.
Track2Realty: DLF plans to reduce its debt from 22,700 crore to 18,000 crore by March, by selling non-core assets as well as stake in the company.
DLF on Tuesday, Aug 7, said it expects to close sale of three non-core assets, which will help pare its debt by about 5,000 crore, by the end of the current fiscal.
Shares in DLF, India’s biggest real estate developer, traded higher in-line with the broader BSE realty index Tuesday, Aug 7, morning. At 11 a.m., the stock traded 1.3 per cent higher at Rs 214 on the BSE. The shares, up 15.4 per cent this year, are lagging a near-21 percent gain in the real estate index.