(BENGALURU, INDIA) – Hines, the international real estate firm, with Assets Under Management (AUM) of over $133 billion across 205 cities worldwide, including two office developments, ‘One Horizon Center & Skyview Corporate Park’ in Gurugram, today announced its entry into Bangalore office development through a tie-up with DNR Group, a leading local developer.
The land parcel, a 4-acre commercial site owned by DNR Group, is located in Yeshwantpur, a rapidly transforming corridor and an emerging alternate to CBD with excellent connectivity to public transportation in Bangalore. The project, with 1 million square feet of built- up-area, which is currently in design stage, will have an international quality 20-story office tower with accompanying amenity spaces.
In this partnership, Hines brings its world-class development experience to the table, including design, construction, leasing and asset management. DNR Group will bring their deep local expertise with respect to market knowledge.
Amit Diwan, Managing Director and India Country Head, Hines said “We are excited to enter the Bangalore office market with DNR Group, a partner with strong complimentary skills. We have been open to entering Bangalore 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.”
Vipul Kumat, Managing Director, DNR Group said “We are pleased to partner with Hines on this project since we want to create a benchmark similar to the ones they have created in India and globally. This is an excellent location that benefits from great connectivity by road, as well as the metro. The site has a 200-meter frontage on the national highway, and we will build a high-end corporate address there. We believe a local-global partnership provides unique benefits to tenants that neither can do alone as successfully.”
Monish Krishna, Senior Director and Head of Commercial Business, Hines said “We are confident that with this project, our team will deliver another successful icon. We are well positioned to bring a future-proof office experience based on our global knowledge, that would meet requirements of occupiers in a post COVID-19 era.”
The project is scheduled to break ground in Q1 2021, and complete in 2023.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 205 cities in 24 countries. Hines has approximately $133.3 billion of assets under management, including $71 billion for which Hines provides fiduciary investment management services, and $62.3 billion for which Hines provides third-party property-level services. The firm has 165 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,393 properties, totalling over 459 million square feet. The firm’s current property and asset management portfolio includes 539 properties, representing over 232 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.
DNR is one of the leading developers in Bangalore with 20 years of experience in building best in class Residential Projects in Bangalore and Indore. DNR is a young & dynamic real estate development group that enjoys creating spaces to live, work and play. The firms core vision is to build spaces with extraordinary locations, best in class specifications, concept-based designs, international standards & true value. With a commitment of providing innovative, contemporary & environmentally sensitive spaces it aims to uplift people’s lives. Visit www.dnrgroup.in/for more information.