Global real estate firm Hines has announced its entry into Bengaluru office development market through a tie-up with the local DNR Group and plans to develop an office complex spread across a 1 million sq ft of built-up area, the company said.
The firm has Assets Under Management (AUM) of over $133 billion across 205 cities worldwide, including two office developments, One Horizon Center and Skyview Corporate Park located in Gurugram.
The Bengaluru project will have a 20-storey office tower with accompanying amenities spaces, the company said.
The project is scheduled to break ground in Q1 2021, and will be completed in 2023.
The Bengaluru land parcel is a 4-acre commercial site owned by DNR Group and is located in Yeshwantpur, a rapidly transforming corridor and an emerging alternate to CBD with excellent connectivity to public transportation in Bengaluru, the company said in a statement.
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."
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 $400 million equity for development of six projects, of which two are already completed.