Indian developer DLF Ltd has formed a joint venture with US-based property investment firm Hines for constructing a high-end commercial real estate project in Udyog Vihar, Gurugram.
The Indian company, through wholly owned unit DLF Home Developers Ltd, will hold a 67% stake in the joint venture while Hines will own the remaining. Hines will have an option to increase its stake to up to 49%, according to a joint press statement.
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DLF and Hines will together invest $275 million in the project. Hines has invested about $72 million as the first tranche of the amount.
The commercial project will be developed on 11.76 acres of land located across the highway to the existing business district of DLF CyberCity in Gurugram.
“This is our second JV with them. 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,” said Sriram Khattar, managing director, DLF Rental Business.
DLF and Hines entered into their first joint venture in 2008 to develop One Horizon Center in Gurugram. The new project will be nearly three times the size of One Horizon.
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