Real estate investor Hines India Ltd has decided to sell its 50% stake in One Horizon Centre, a premium commercial building in Gurugram’s Golf Course Road, two people familiar with the development said. The other half of One Horizon is owned by top developer DLF Ltd.
The sale of Hines’ share in the 800,000 sq. ft office tower may fetch around ₹700-800 crore, according to two property consultants who spoke on condition of anonymity.
One Horizon Center and Two Horizon Center are part of the same complex. Two Horizon is fully owned by DLF.
“We have started the process of short-listing consultants and a formal strategy will emerge as a result of this exercise. We believe that it is a good time to be considering a sale as there is significant demand from investors and such sale has always been part of our investment fund strategy. We believe that the asset will garner a lot of interest from the investor community due to its quality and uniqueness,” a Hines spokesperson said in an emailed response.
Hines India is part of international real estate investor Hines, which is present across 24 countries and has around $111 billion assets under management. Hines had set up a $300 million equity fund in 2007 to invest in real estate projects in India.
“Having done the hard work over the past decade, we see our residential and commercial businesses achieving tremendous growth in the coming few years. We plan to undertake development of new projects in prime locations across India,” the Hines spokesperson added.
Earlier this year, Hines sold another commercial office tower in Gurugram to Indiabulls Dual Advantage Commercial Assets Fund and co-investor InterGlobe Real Estate Ventures Pvt. Ltd for around ₹200 crore. The 240,000 sq. ft office building in Sky View Corporate Park is part of a project that has been developed by Hines on a 21-acre site.
“One Horizon Center is a marquee office building mainly due to the location and the profile of tenants, which include Fortune 500 companies. Any of the large investment funds would go for an asset like this,” said Santhosh Kumar, vice-chairman of Anarock Property Consultants.
In December, Hines said it will invest $23 million in Tata Housing Development Co. Ltd’s premium wellness-themed project Serein at Thane near Mumbai.
Eleven years after setting up the India operations of Hines, Yash Gupta resigned from the firm last year. In April, Hines said it has appointed Amit Diwan as managing director and country head for the India platform.
This story was first published on livemint.com