DLF-Hines JV to invest up to Rs. 1,900 crore in Gurugram

Real estate major DLF Home Developers Limited (DHDL), a wholly-owned subsidiary of DLF announced has entered into a joint venture with Green Horizon Trustee (an affiliate of HINES) for the development of a high-end commercial project in Gurugram.

The total investment for this joint venture will be Rs. 1,900 crore. DHDL will hold a 67 per cent stake in the joint venture while the remaining 33 per cent will be held by Hines with an option to increase the stake to 49 per cent. Hines has made an investment of Rs. 500 crore in the first tranche. The project is set to be developed on 11.76 acres of land owned by the JV. This land parcel is situated across the highway to the existing business district of DLF CyberCity.

Hines is a privately-owned global real estate investment firm with a presence in 214 cities and 24 countries. Hines has developed, acquired or redeveloped 1,348 properties with an area of over 444 million square feet.

On Wednesday, DLF was trading at Rs. 199.40 per share, up 2..65 per cent on the BSE.