DLF & Hines to jointly develop 2.9 million square feet in Ggn
GURUGRAM: DLF, India's leading real estate company, today announced 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 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 approx. Rs 500 cr today 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.
Mr. 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.