The joint venture between Hines, the international real estate firm and DLF, the largest publicly listed real estate developer in India, has secured a construction loan of Rs 2,600 crore from HDFC Ltd.
Hines and DLF had formed a JV in March last year to develop an office project in Gurugram Phase-V, Udyog Vihar.
“Having worked as a financial partner with Hines and DLF for One Horizon Center, we are delighted to grow our partnership to set new standards for commercial buildings in India,” said Renu Sud Karnad, Managing Director, HDFC Ltd.
The construction will commence soon, and buildings will go operational by 2023.
“After a successful collaboration in the past, we are now looking forward to take the relationship forward with the new development. DLF is delighted that HDFC has supported us and feel confident that they have validated our long-term view on the commercial real estate sector as an asset class,” said Ashok Tyagi, Group CFO, DLF Ltd.
Spread across 11.76 acre, the commercial land parcel was purchased through an auction by HSIIDC. The project will be developed in two phases – 2.55 mm sf will be developed in phase I while the rest will be developed in phase II.
“We have been working together with DLF for the past ten years to create landmark developments. We are now taking this partnership to the next level by joining hands to develop future-proof office project,” said Amit Diwan, MD and Country Head for Hines India.
The project is being designed by some of the world’s best design consultants led by award-wining design architect Pelli Clarke Pelli, whom Hines has roped in for the first time in Delhi / NCR for this project. The project will incorporate world class health and safety standards and has already secured IGBC Platinum pre-certification for its commitment to environment sustainability and will procure Well Certification for tenant comfort.
DLF has developed 153 real estate projects and developed an area of approximately 330 million square feet. The group has an annuity portfolio of over 32 msf (approx.).
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.