Nitco hits upper circuit on signing non-binding term sheet with Hines India

Nitco Limited has entered into a non-binding term sheet to appoint Hines India Real Estate Pvt. Ltd. as a development manager for providing end-to-end services for office/mixed-use development on the 4-acre plot with a development potential of approx 1.3 million sq. ft. of leasable/ saleable area. NITCO is the owner of this 4-acre plot at Kanjurmarg, Mumbai.
 
The development manager would have to carry the responsibilities of pre-development services (preparation of a business plan, assisting in the design process, helping in arranging financial closure, etc), construction services, leasing, and marketing of the project and asset management post-construction phase.
 
This marks the entry of Hines into Mumbai - until now Hines has been operating in India only in Gurugram in association with DLF. This association with Hines will help Nitco monetize its real estate assets.
 
Hines India Real Estate Pvt. Ltd. is part of the global firm, Hines, which headquartered in Houston, Texas, USA. It is a privately owned global real estate investment, development, and management firm, founded in 1957, with a presence in 219 cities in 23 countries and US$124.3 billion of assets under management.
 
Hines has 148 developments currently underway around the world, and historically, has developed, redeveloped, or acquired 1,362 properties, totaling over 449 million square feet. The firm's current property and asset management portfolio includes 514 properties, representing over 222 million square feet.
 
On Tuesday, Nitco had closed at Rs. 29.65. On Wednesday, it opened the gap up and hit the upper circuit of 5 per cent to Rs. 31.10.