Hines partners with DNR Group to build one million sq ft office complex
The construction work for the project is scheduled to start in Q1/2021, and complete in 2023
US-based realty firm Hines has partnered Bengaluru-based DNR Group to develop an office complex in Bengaluru, Karnataka with one million sq ft of built-up area.
Hines is a global real estate investment firm with a presence in 205 cities across 24 countries. It entered India in 2006 and has so far invested USD 400 million equity for development of six projects, of which two are already completed.
The land parcel, a four acre commercial site owned by DNR Group, is located in Yeshwantpur, a rapidly transforming corridor and an emerging alternative to the commercial business district (CBD).
The project with one million sq ft of built-up area, which is currently in a design stage, will have a 20 storey office tower with accompanying amenity spaces.
The construction work for the project is scheduled to start in Q1/2021, and complete in 2023.
It has about USD133.3 billion of assets under management. The firm has 165 developments currently underway around the world.
In India, Hines has completed two prime office complex projects in Gurugram, including 'One Horizon Centre' in a joint venture with realty major DLF.
At present, it has three housing projects are under construction. It has partnered with Tata Housing to develop 750 flats in 'Serein' housing project in Mumbai.
Another 1,050 apartments are under construction in 'Parkwest' housing project in Bengaluru, being developed in partnership with Shapoorji and Pallonji Real Estate.
Hines has also formed a joint venture with Conscient Infrastructure to develop a luxury housing project 'Elevate' in Gurugram with an estimated cost of Rs 1,500 crore.
These three housing projects will be completed by 2023-24.