April 1, 2024 |
Hines Partners With Pioneer for Gurugram Office Project
Hines, one of the world’s largest privately held real estate investors and developers, has inked an agreement with property developer Pioneer Group to develop 1.25 million sq ft of office space on Golf Course Extension Road in Gurugram, three people familiar with the deal said.
The total project cost is estimated at Rs 1,500 crore and it is slated for completion by 2028.
The deal underscores Hines’s broader strategy to expand its commercial and residential portfolio in India, one of its key focus markets globally.
“It is just over 3-acres, part of a larger mixed-use masterplan by Pioneer Urban, and it will be developed as an office space with amenity retail. Hines is already doing an office project with DLF and residential with Conscient Group in Gurugram,” said one of the persons cited above.
CBRE is the transaction advisor for the deal. The real estate consultancy did not respond to an email query seeking comment.
“In our 70-acre mixed-use project, this is the most premium phase and has excellent visibility from the Golf Course Road Extension. We are confident that Hines will deliver a world-class development given their experience executing large-scale real estate projects internationally and in India,” said Manish Periwal, managing director, Pioneer Group.
Hines has operations across 384 cities in 30 countries. It has $92.3 billion of investment assets under management and $109 million square feet of assets for which the company provides third-party property-level services.
“We are pleased to enter the Golf Course Road Extension office market via our partnership with Pioneer Group. Hines is committed to the highest quality development, and our vision is to build a mixed-use, office building that will appeal to both multinational and Indian occupiers,” said Amit Diwan, country head – India, Hines.
For Hines, India is one of the key strategic areas of expansion and investment over the next decade, driven by several factors. Hines is currently building or planning 12 million sq ft with plans to add another 8-10 million sq ft.
In India, Hines has offices in Gurgaon, Mumbai, Bangalore, Pune and Ahmedabad. Its portfolio in India comprises commercial properties, predominantly offices, and residential.
Source : ET
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