DLF, Hines form JV for $275mn commercial project

Indian developer DLF Ltd has formed a joint venture with US-based property investment firm Hines for constructing a high-end commercial real estate project in Gurugram.

The Indian company, through wholly owned unit DLF Home Developers Ltd, will hold a 67 per stake in the joint venture while Hines will own the remaining. Hines will have an option to increase its stake to up to 49 per cent, according to a joint press statement.

DLF and Hines will together invest $275 million (Rs 1,900 crore) in the project. Hines has invested about $74 million (Rs 500 crore) as the first tranche of the amount.

The commercial project will be developed on 11.76 acres of land located across the highway to the existing business district of DLF CyberCity in Gurugram.

Sriram Khattar, MD, DLF Rental Business, said: “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.”

Surojit Basak, executive director at DLF, said the JV will commence construction in the next financial year.

DLF and Hines entered into their first joint venture in 2008 to develop One Horizon Center in Gurugram. The new project will be nearly three times the size of One Horizon.

Amit Diwan, MD and country head of Hines India, said the project will be developed near the Cyber Hub office area as well as the Oberoi and Trident hotels.