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Wednesday, August 29, 2007

Hines and DLF Announce Joint Venture to Develop Major Office Tower Within Master-Planned, Mixed-Use Complex in Gurgaon

The New Delhi office of Hines, the international real estate firm, and DLF Ltd., India’s largest real estate company, announced today the signing of a Memorandum of Understanding (MoU) to form a venture to master plan and develop a site of 15 acres located on Golf Course Road in Gurgaon, India. The site is located directly across from the DLF Golf Course and its residential community known as DLF Golf Links.

Hines and DLF also announced the selection of the internationally renowned firm Robert A. M. Stern Architects, which will develop a master plan for the entire site as well as design the first phase of the complex, a major 30-story office tower of approximately 80,000 square meters (860,800 square feet) together with ground-floor retail space and a large parking garage. This is the first project in India for both Hines and Stern. Previously, the firms have collaborated on several projects in the United States, Mexico and Brazil.

In addition to the office tower, the master plan is likely to include high-end retail shops, restaurant and entertainment venues, a hotel, and landscaped exterior and interior public spaces. It may also include serviced apartments and a second office tower. The total mixed-use complex is envisioned to include approximately 235,000 square meters (2.5 million square feet) of construction.

“We are proud that our first development project in India will be in partnership with DLF,” said Daniel MacEachron, managing director of Hines India Real Estate Pvt. Ltd. “Golf Course Road is the premier address in Gurgaon. DLF, Hines and Robert Stern share a vision that this project should be the best-conceived and best-executed project in Northern India.”

“Our goal is to create a truly unique complex,” said Rajiv Singh, DLF’s vice chairman. “Through a combination of exceptional design provided by Bob Stern and his talented team, and the experience Hines brings in the conceptualization and development of major urban mixed-use projects in cities around the world, we feel we are partnering with a world-class combination of talent. When completed, this complex will be the heart of Gurgaon, commercially and as a social-gathering destination.”

“We are extremely enthusiastic to have the opportunity to enter the Indian market with the commission for such a major urban complex,” said Robert Stern.

DLF is the largest and leading real estate development company in India. DLF was established in New Delhi in 1946. In its initial years the company undertook the development of various prestigious South Delhi colonies such as South Extension and Greater Kailash. Today DLF is a major player across India, with presence in 31 cities. DLF’s projects span the entire gamut of real estate development – residential, commercial, retail, hotels, infrastructure and Special Economic Zone (SEZ) developments. With over six decades of experience in real estate, the group has over 220 million square feet of existing development and over 600 million square feet of planned projects.

DLF’s office building division is one of the group’s most admired business lines. With nearly 32 million square feet of developed buildings, as well as ongoing projects, the office sector is a significant contributor to DLF’s rapid rate of growth as an organization. The company has undertaken the development of 22 urban colonies, as well as an entire integrated 3,000-acre township, known as DLF City in Gurgaon. DLF is committed to quality, trust and customer sensitivity, as well as delivering on its promises with agility and financial prudence. In September 2006 DLF was the only real estate firm amongst the 60 businesses named Superbrands of India in the real estate category.

Robert A.M. Stern Architects is a 300-person firm of architects, landscape architects, interior designers and supporting staff. Over its 38-year history, the firm has established an international reputation as a leading design firm with wide experience in residential, commercial and institutional work. Stern is Dean of the Yale School of Architecture. As founder and Senior Partner he personally directs the design of each of the firm's projects. Other senior members of the design team who will be working on the Golf Course Road project include Graham Wyatt, partner, who has been with the firm since 1983 and Meghan McDermott, associate partner, who has been with the firm since 1997.

Hines is a privately owned real estate firm actively engaged in real estate development, investment and property management worldwide, with presence in 15 countries and offices in 96 cities across the globe. The Hines portfolio of projects underway, completed, acquired and managed, includes more than 950 properties representing approximately 380 million square feet. Total assets currently under management are valued at approximately US $16 billion.

Related Stories:

1. Hines has drawn up plans to invest up to $300 million in India over the next two-three years to develop real estate projects worth over $1 billion.

Multiple partner strategy.

50% equity stake in each project.

FDI-compliant projects in high-end office and residential spaces, mixed-use townships, IT SEZs and large format mixed-use retail, commercial and hospitality projects.

Projects in the National Capital Region, Mumbai, and Bangalore.

May be in Kolkata and Hyderabad

2. DLF, the country’s largest realty firm, is planning a new “Connaught Place” (now known as Rajiv Chowk) in Gurgaon in partnership with top American realty firm Hines

3. Pune can absorb up to $2-3 billion in Foreign Direct Investment annually...

4. Fishman sees opportunity in India Properties

5. SunCity enters India

6. Global property investment at a turning point

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