DLF partners with Hines to develop commercial project worth Rs 1,900 cr in Gurugram

Real estate major DLF Ltd has formed a second joint venture with global investment and development firm Hines to develop a commercial project in at an investment of Rs 1,900 crore. The project will be developed on 11.76 acres of land owned by the joint venture. The project is located in Udyog Vihar close to DLF CyberCity and construction will begin in 2019-2020.

DLF Home Developers will hold 67 per cent stake in the joint venture while the remaining 33 per cent will be held by Green Horizon Trustee, an affiliate of Hines. However, Hines will have the option to increase its stake to up to 49 per cent. It has invested about Rs 500 crore in the first tranche.

"Over 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," said Hines Eurasia CEO Lee Timmins. DLF's Managing Director (rental business) Sriram Khattar said: "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." DLF and Hines had formed their first joint venture in 2008 to develop One Horizon Center in DLF 5 Gurugram.

(With inputs from agencies.)