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DLF - Hines JV to invest upto Rs 1,900 crore to develop 2.9 million sq ft in Gurugram

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.

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DLF will invest up to Rs 1,900 crore to develop 2.9 million sq ft in Gurugram, DLF said in a statement on March 19.

The project, DLF's second joint venture with Hines, 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.

DLF Home Developers, a wholly owned subsidiary of DLF Limited  and Green Horizon Trustee  have entered into a joint venture for developing a high-end commercial project in Gurugram, it said.

DHDL will hold 67 percent stake in the joint venture while 33 percent will be held by Hines. The total investment by the joint-venture partners in this project is about Rs,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 approximately Rs 500 crore on March 19 in the first tranche, it 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”, says  Sriram Khattar, Managing Director DLF Rental Business.

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,” said Amit Diwan, Managing Director and Country Head of Hines India.

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.
First Published on Mar 19, 2019 09:55 pm
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