New Delhi, Jul 2 (PTI) US-based realty firm Hines on Thursday said it has partnered Bengaluru-based DNR group to develop an office complex in the IT city with 1 million sq ft of built-up area.
Hines is a global real estate investment firm with a presence in 205 cities across 24 countries. It entered India in 2006 and has so far invested USD 400 million equity for development of six projects, of which two are already completed.
Hines, in a statement, said it has entered into Bengaluru office development through a tie-up with DNR Group, a leading local developer.
The land parcel, a four acre commercial site owned by DNR Group, is located in Yeshwantpur, a rapidly transforming corridor and an emerging alternative to the commercial business district (CBD), it added.
The project with 1 million sq ft of built-up area, which is currently in a design stage, will have a 20-storey office tower with accompanying amenity spaces.
Hines India Managing Director and Country Head Amit Diwan said, 'We have been open to entering Bengaluru with the right partner, and only on a land parcel with the right characteristics. The city has the deepest institutional office market in India, and we are keen to add an exceptional Grade-A office project.' Vipul Kumat, Managing Director, DNR Group said, 'We believe a local-global partnership provides unique benefits to tenants that neither can do alone as successfully.' The construction work for the project is scheduled to start in Q1 2021, and complete in 2023.
Hines is a privately owned global real estate investment firm founded in 1957. It has about USD 133.3 billion of assets under management.
The firm has 165 developments currently underway around the world.
In India, Hines has completed two prime office complex projects in Gurugram, including 'One Horizon Centre' in a joint venture with realty major DLF.
At present, it has three housing projects are under construction. It has partnered with Tata Housing to develop 750 flats in 'Serein' housing project in Mumbai.
Another 1,050 apartments are under construction in 'Parkwest' housing project in Bengaluru, being developed in partnership with Shapoorji and Pallonji Real Estate.
Hines has also formed a joint venture with Conscient Infrastructure to develop a luxury housing project 'Elevate' in Gurugram with an estimated cost of Rs 1,500 crore.
These three housing projects would be completed by 2023-24, Diwan had said earlier.
In March last year, Hines had acquired 33 per cent stake in DLF's upcoming commercial project in Gurugram in a deal size estimated at around Rs 650 crore.
DLF and Hines would jointly develop a prime commercial project on 11.76 acre land parcel in Gurugram that was bought for nearly Rs 1,500 crore through e-auction conducted by the Haryana government in February 2018.
Hines has already exited from its first commercial project 'Skyview Corporate Park', which it developed in partnership with Shyam Telecom.
The US-based firm is also looking to sell its stake in office building 'One Horizon Centre' in Gurugram. PTI MJH RVK