New Delhi: DLF Ltd is buying the privately-held super luxury resorts and spa chain Singapore-based Amanresorts for around $ 250 million. This will be the first overseas acquisition by India''s largest real estate company, which recently went public. At $250 million, the deal is being concluded at an extremely conservative valuation. In addition to this payout, DLF will assume debt of approximately $220 million as part of the deal. DLF, the country''s largest realty firm by market capitalisation at over Rs 1,48,527 crore, had declared a month ago that it intends to mop up $750 million overseas for acquiring and developing properties abroad. Part of the proceeds would be used for funding the Amanresorts acquisition.
The 20-year-old Amanresorts has 18 operational properties under its belt in Indonesia, Cambodia, Sri Lanka, Morocco, Bhutan, India, the Philippines, the United States, French Polynesia and France. All Amanresort properties have a room tariff of over $600 per night, giving it a hugely exclusive tag. Singapore-based Silverlink Holdings holds a majority stake in Amanresorts and will completely exit the company after the acquisition. The acquisition also entails DLF taking over a prime property at Delhi''s Lodhi Road. Amanresorts had bought this property from the India Tourism Development Corporation five years ago for Rs 76.22 crore.
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