DLF/Hines Joint Venture to Invest up to Rs.1900 Crores to Develop 2.9 Million Square Feet in Gurugram, Their Second Joint Venture

(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 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 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, 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.  With several awards to its credit including “Best Commercial Development” by NDTV, One Horizon Center is truly the centre of gravity for business in the heart of Gurugram. 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, Hines managing director and India country head.  

DLF is India's leading real estate developer and has more than seven decades of track record of sustained growth, customer satisfaction, and innovation. DLF Group has 227 million square feet (approx.) of development potential across residential and commercial segment. The group has an annuity portfolio of over 32 million square feet (approx.). DLF is primarily engaged in the business of development and sale of residential properties (the “Development Business”) and the development and leasing of commercial and retail properties (the “Annuity Business”). Visit www.dlf.in for more information.

Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 214 cities in 24 countries. Hines has approximately $120.6 billion of assets under management, including $66.5 billion for which Hines provides fiduciary investment management services, and $54.1 billion for which Hines provides third-party property-level services. The firm has 128 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,348 properties, totalling over 444 million square feet. The firm’s current property and asset management portfolio includes 512 properties, representing over 223 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information. 

Contact Hines

Headquarters

Global Headquarters

2800 Post Oak Blvd.
Houston, TX 77056-6188
United States
713 621 8000
Contact Hines

European Headquarters

5 Welbeck St.
London W1G 9YQ
United Kingdom
44 20 7292 1900
44 20 7292 1901 fax

Regional Offices

U.S. East Region

345 Hudson Street
12th Floor
New York, NY 10014
United States
212 230 2300

U.S. Midwest Region

444 West Lake Street
Suite 2400
Chicago, IL 60606
United States
312 419 4900

U.S. Southeast Region

5 Ravinia Dr NE
Atlanta, GA 30346
United States
770 206 5300
770 206 5325 fax

U.S. Southwest Region

609 Main St.
Suite 2400
Houston, TX 77002
United States
713 237 5600

U.S. West Region

101 California Street
Suite 1000
San Francisco, CA 94111-5894
United States
415 982 6200
415 398 1442 fax

Asia Pacific Region

1 Connaught Road, 28F
Central, Hong Kong

Eurasia Region

Gasheka Street 6
Ste. 820
Moscow 125047
Russia
7 495 785 05 00

European Region

5 Welbeck St.
London W1G 9YQ
United Kingdom
44 20 7292 1900
44 20 7292 1901 fax

International Offices

Australia

20 Hunter St
Level 10
Sydney, NSW 2000
Australia
61 2 9232 3137

Brazil

Av. das Nações Unidas, 12901
Torre Norte - 6 ° andar
São Paulo 04578-910
Brazil
55 11 5504 7600

Canada

200 King Street West
Suite 1805
Toronto, ON M5H 3T4
Canada
416 595 1949

China

Suite 333, Hyundai Motor Tower
38 Xiaoyun Road, Chaoyang District
Beijing, PRC 100027
China
8610 8453 8855
8610 8453 9866 fax

France

66 Avenue Charles de Gaulle
Neuilly-sur-Seine, IDF 92522
France
33 1 41 45 80 80
33 1 41 45 80 81 fax

Germany

Hines Immobilien GmbH
Joachimsthaler Str. 1
D - 10623 Berlin
Germany
49 30 726241 100
49 30 726241 109 fax

Greece

Voukourestiou 19
Athens 106 71
Greece
30 210 364 7895

India

One Horizon Center
12th Floor
Gurgaon, Haryana 122002
India
91 124 480 2222

Ireland

Block 2, First Floor
Clanwilliam House, Clanwilliam Place
Dublin 2
Ireland
353 1 7999900
353 1 7 999931 fax Dublin.OfficeAdmin@hines.com

Italy

Via Broletto, 35
Milan 20121
Italy
0039 02 8962921

Japan

Akasaka K Tower Level 4
1-2-7 Motoakasaka, Minato-ku
Tokyo 107-0051
Japan
81 90 9854 5236

Luxembourg

35 F, John F. Kennedy
Luxembourg L-1855

352 264 337 1
352 264 337 37 fax

Mexico

Torre del Angel
Reforma 350
Mexico D.F. 06600
Mexico
52 55 52428809

The Netherlands

Weesperstraat 61
Amsterdam, NH 1018 VN
Netherlands
31 6 30 70 81 29

Nordic Countries

Nybrogade 12
Copenhagen 1203
Denmark
44 7815 285 191

Panama

Torre B Piso 15
Torre de las Americas
Punta Pacifica, Panama City
Panama
507 028 20 7375
507 300 99 75 fax

Poland

Prosta Street 68
Warsaw 00-838
Poland
48 22 351 2400
48 22 351 2401 fax

Russia

Gasheka Street 6
Ste. 820
Moscow 125047
Russia
7 495 785 05 00
7 495 785 05 10 fax

Spain

Sor Ángela de la Cruz, 2° - 2° C
Edificio Cuzco III
Madrid 28020
Spain
34 91 703 00 23
34 91 359 89 71 fax

South Korea

Glass Tower, Level 20
534 Teheran-ro, Gangnam-gu
Seoul 06181
Republic of Korea
82 2 3439 9141

United Kingdom

5 Welbeck St.
London W1G 9YQ
United Kingdom
44 20 7292 1900
44 20 7292 1901 fax