DLF - Hines JV To Develop 2.9 Million Square Feet In Haryana
DLF Limited, India's leading real estate company, announced its second joint venture with HINES. DLF Home Developers Limited (DHDL), a wholly owned subsidiary of DLF Limited ("DLF"), and Green Horizon Trustee (an affiliate of "HINES") have entered into a Joint Venture for developing a high-end commercial project in Gurugram.
DHDL will hold 67% stake, in the joint venture while 33% will be held by Hines. The total investment by the joint-venture partners in this project is about Rs.1900 crore in accordance with the independent valuation undertaken by a Category-1 Merchant Banker. Hines will initially own a 33 percent equity share of the Joint Venture with an option to increase its stake to up to 49 percent. Hines has invested approx. Rs. 500 crore today in the first tranche.
The project will be developed on 11.76 acres of land owned by the joint venture company. The land parcel is located across the highway to the existing business district of DLF CyberCity.