Singapore fund slashes stake in India’s biggest commercial developer

GIC sold 68 million shares and now owns 0.3% of DLF, down from 4.1%

Apr.April 14, 2019 11:00 AM

DLF IT Park in Rajarhat (left); GIC abruptly sold most of its stake in the CRE company (Credit: Biswarup Ganguly/Wikimedia Commons, GIC)

The Singapore government sharply reduced its equity stake in DLF Ltd., the largest commercial real estate developer in India.

Singapore’s sovereign wealth fund GIC sold 68 million shares of DLF in open-market transactions, cutting its stake in DLF to 0.3 percent of total shares outstanding from 4.11 percent, according to Bloomberg. The shares traded for 191 rupees each in a bulk sale.

The transaction may stem largely from an effort by GIC to rebalance its investment portfolio, DLF chief financial officer Ashok Tyagi told Bloomberg.

DLF, which is trying to eliminate its debt by raising capital, got approval from GIC to transfer some rental properties and commercial parcels to DLF Cyber City Developers in an inter-company settlement.

Societe Generale, the French investment firm, reportedly acquired a 1.7% stake in DLF, and other institutional investors, including HSBC, also bought shares of the commercial real estate company.

GIC recently acquired a 25% stake in Dutch hotel chain, CitizenM. [Bloomberg] – Mike Seemuth

Related Articles

Softbank CEO Masayoshi Son (Credit: Getty Images)

SoftBank’s $3B payout to WeWork’s investors is delayed

John Legere (Credit: Getty Images)

WeWork reportedly in talks to hire T-Mobile exec as CEO

(Credit: iStock)

Small Talk: Every community meeting. About every development project. Ever.

An example of roll-off waste management (Credit: YouTube, iStock)

A win for big building owners in trash-collection fight

Duke Long and Poshtel International CEO Morten Lund

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

Council member Vanessa Gibson (Credit: New York City Council)

Commercial landlords face new fines as City Council passes anti-harassment bill

From left: Pavel Fuks, Michael Cohen, Felix Sater, and Donald Trump (Credit: Getty Images and Wikipedia)

As House begins impeachment inquiry, here’s what we know about Trump’s Ukraine-real estate ties

Rodrigo Niño (Credit: Prodigy Network and iStock)

Embattled Prodigy Network CEO Rodrigo Niño to step down