Hines and Indian real estate developer Kanakia Group, have joined forces with Mitsubishi Estate Company (MEC) and Sumitomo to undertake new office development in India.
Kanakia is the land partner in the joint venture which will develop around 1.5m sqft of mixed-use space set on a 3-acre site in the Greater Bandra Kurla Complex precinct, which houses the National Stock Exchange of India.
Mitsubishi Estate said it would have a 50% stake in the project, which is its first in Mumbai and fifth in India.
Amit Diwan, senior managing director and head of India at Hines said that given India’s strong demographic tailwinds, along with the right fundamentals and market conditions, Hines had been seeing more investor interest in the country and continued demand for its office and residential projects.
“This project is an excellent addition to our India portfolio, and we look forward to delivering the highest quality development that Hines is known for.”
Since establishing its presence in India in 2006, Hines has expanded its portfolio to 12 projects in the office and residential sectors. The firm now operates in five major Indian cities – Delhi/National Capital Region, Mumbai, Bangalore, Pune and Ahmedabad.
Rasesh B Kanakia, chairman of Kanakia Group said: “We are delighted to partner with Hines, MEC, and Sumitomo on this prestigious trophy office project in the heart of Mumbai. This site holds special significance for us, and we are confident that Hines will bring a world-class product that will set new standards in India.”
Kanakia has developed more than 15m sqft of space across all sectors and has more than 8.6sqft of upcoming projects with gross development value of INR12,825 crore (€1.4bn).
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