The race to buy 40 per cent stake in DLF’s rental arm, DLF Cyber City Developers (DCCDL), could turn out be a close fight between Blackstone and GIC – two of the biggest investors in the Indian real estate market. According to sources in the know, the difference in bid amount of Blackstone and GIC is just Rs 500 crore and the difference in cap rates is 0.2 per cent. Cap rate shows the potential rate of return on a real estate investment. DLF’s rental arm DCCDL is valued at around Rs 2,400 crore. “Blackstone and GIC are neck and neck in bids and are currently doing due diligence,” said a senior executive at a private equity firm. According to him, though Blackstone has quoted higher, GIC could emerge a favourite to buy the stake as it is a sovereign fund and has perpetual capital.
Read more: Business Standard
