Everstone in JV with DLF to acquire IREO

PE investor Everstone Group is to form a joint venture (JV) with publicly listed DLF to acquire a significant stake in distressed Gurugram-based real estate developer IREO and its group companies in India. DLF will invest about INR 3,750 crore to hold a majority stake in the JV.Following the transaction, the JV is expected to hold an aggregate economic interest of approximately 40% in the IREO group entities and obtain exposure to their real estate portfolio across Delhi, Gurugram, and other markets.