DLF leases office space to Samsung

DLF has leased out about 3.5 lakh square feet office space to Samsung India Electronics in its commercial complex at Gurgaon. The company constructed space has been leased at an estimated cost of more than Rs 400 crore. According to media reports, Samsung India has acquired space for its India headquarter.

DLF has completed its premium office complex 'Two Horizon Center' consisting 11 lakh square  feet area. The office space is being offered both on lease and sale model. Out of total developed premium office space, 1 lakh square feet area is already leased out. Further, its 2 lakh square feet space has been sold out. DLF is expecting to lease or sale the remaining 4.5 lakh sq ft area in the next six months.

DLF’s Two Horizon Centre is part of the 12 acre horizon centre complex. Out of this One Horizon Centre is a joint venture with Hines. One Horizon Centre has been fully leased.

On financial front, DLF’s office rental stands at Rs 165 per square feet for the month. The company’s closing sales for rental business stands at 28.78 million square feet as of Q3FY16. Its under construction closing balance remained at 34.93 million square feet in Q3FY16.

DLF is expected to work towards a potential listing of their Real Estate Investment Trusts (REITs) on Indian bourses in the next one and half year time period. Other firms such as Embassy Office Parks, backed by global investor Blackstone Group and K Raheja Corporation have plans for REIT listing.

The share price of DLF increased by 1.7 per cent on bourses and closed at Rs 107.9 on March 4.

DLF is engaged in the development of residential, commercial and retail properties. The company’s development business focuses on the development and sale of residential real estate. DLF’s development business is classified into two categories viz Gurgaon DevCo and National DevCo, through which it is engaged in acquisition of land, obtaining approvals, project planning, execution, launch, sale & marketing and delivery of the developed property. The company is into the business of plotted developments, houses, villas and apartments of varying sizes and integrated townships, with a focus on the luxury residential developments. The company also leases developed commercial and retail properties, and Special Economic Zone (SEZ).