Global investment and development firm Hines, with over $133 billion in assets under management (AUM) worldwide, has partnered DNR Group to develop an office project in Bengaluru.
The project, which marks Hines’ entry into the city’s office market, will be undertaken through a development management model.
In India, Hines has an existing partnership with DLF Ltd and last year, they signed a second joint venture to develop an office project in Udyog Vihar, Gurugram.
In Bengaluru, Hines has partnered with Shapoorji Pallonji Real Estate to develop two phases of the Park West project.
Hines’ new partnership with DNR Group is to develop office space on a four-acre land parcel, owned by the latter, in Yeshwantpur.
Vipul Kumat, managing director, DNR Group said, “This is an excellent location that benefits from great connectivity by road, as well as the metro. We believe a local-global partnership provides unique benefits to tenants that neither can do alone as successfully.”
In this partnership, Hines will take care of design, construction, leasing and asset management.
Amit Diwan, managing director and country head, Hines India said, “We have been open to entering Bangalore with the right partner, and only on a land-parcel with the right characteristics. The city has the deepest institutional office market in India, and we are keen to add an exceptional Grade-A office project.”
This article was first published on livemint.com.