News Point: In their second joint venture,DLF and Hines to jointly develop 2.9 million square feet in Udyog Vihar, Gurugram.
DLF has signed its second joint venture with HINES. DLF Home Developers Limited (“DHDL”), a wholly owned subsidiary of DLF Limited (“DLF”), and Green Horizon Trustee (an affiliate of “HINES”) have entered into a Joint Venture for developing a high-end commercial project in Gurugram.
DHDL will hold 67% stake in the joint venture while 33% will be held by Hines. The total investment by the joint-venture partners in this project is about INR 1900 crores in accordance with the independent valuation undertaken by a category-1 merchant banker.
Hines will initially own 33 percent equity share of the Joint Venture with an option to increase its stake to up to 49 percent. Hines has invested approx. INR 500 crore in the first tranche.
The project will be developed on 11.76 acres of land owned by the joint venture company. The land parcel is located across the highway to the existing business district of DLF CyberCity.
Sriram Khattar, Managing Director DLF Rental Business said, “We are excited about the JV with Hines, this is our second JV with them. With our joint experience, we shall work together to develop world class buildings which will set new standards for commercial buildings in this part of the world”,
“A significant feature of the relationship has been the implementation of international best practices in the industry in Indian conditions which has been accepted by both partners,” says Surojit Basak, Executive Director DLF. He further added that the JV will commence construction in the next financial year.
DLF and Hines entered into their first Joint Venture in the year 2008 to develop One Horizon Center in DLF-5 Gurugram. One Horizon Center is a marquee commercial development with LEED® Platinum rating (IGBC) and is home to Fortune 500 multinationals.
Fashionable residences, sleek shopping malls and stylish restaurants are all within walking distance. Now, Hines and DLF have signed their second Joint Venture, to develop a project on NH-48, which will be nearly three times the size of One Horizon Center.
Lee Timmins, CEO of Hines Eurasia, said, “Over the past 10 years, Hines and DLF have established a successful partnership, which has laid the foundation for us to come together again and expand the relationship to build world-class developments in Delhi NCR.”
“This is an excellent location that benefits from great connectivity by road and by metro. It is also in close proximity to social infrastructure like Cyber Hub, The Oberoi and Trident hotels. The site is located close to Cyber City, and we aim to build a high-end corporate address,” added Amit Diwan, Managing Director and Country Head of Hines India.
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