New Delhi, Sept 29:
US-based real estate firm Hines on Monday announced the launch of Hines
India Residential, a joint venture with a financial institutional
partner, which will invest in multi-phased, for-sale residential
developments in the country.
The joint venture entity, with an initial capitalisation of $250 million
(over ₹1,500 crore), will invest in projects in Bangalore, Mumbai and
NCR, Hines India Country Head and Senior Managing Director Yash Gupta
said, declining to name the global fund as well as the stakes of the two
partners.
“Our role will be of a value-add partner and we are in talks with many
local developers. Our intent is not to be the developer but bring Hines’
global know how and market research here,” he added.
The entity would deploy the initial funding across 3-5 projects in the
next two-three years and it would prefer to start a project in NCR by
the first quarter of 2015.
Gupta said, “We are open to fund both new and mid-way projects and would
like to target the mid-market segment as it has the highest demand. An
individual project could see an investment of around $50-70 million
(₹300-500 crore).”
Hines, which entered the Indian real estate market in 2006, has
completed construction of three commercial buildings, with 1.5 million
sq ft of area, in Gurgaon.
Source:http://www.thehindubusinessline.com/companies/realty-firm-hines-launches-new-fund/article6457530.ece