DLF Assets (DAL), promoted by K P Singh will raise USD 450 million from private equity investors by December for part payment to another promoter group firm DLF Ltd.

DLF Assets Ltd has been established to acquire commercial projects of DLF, the country's largest realty firm.

DAL owes Rs 4,804 crore to DLF as on September 30 and was targeting capital raising to the tune of USD 400–500 million. The DAL PE deal, in which JP Morgan and Texas Pacific will together put in USD 200 million, is likely to be signed in the next few days.

DAL will receive money by January end. DLF Assets' current rented portfolio of 4.7 million sq feet, is expected to grow to 10 million sq feet by March 2009, yielding rentals of Rs 600 crore per annum.