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 Rs1900cr in accordance with the independent valuation undertaken by a Category-1 Merchant Banker. Hines will initially own a 33% equity share of the Joint Venture with an option to increase its stake to up to 49%. Hines has invested ~Rs500cr 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.
DLF and Hines entered into their first Joint Venture in the year 2008 to develop One Horizon Center in DLF-5 Gurugram. Now, Hines and DLF have signed their second Joint Venture, to develop a project on NH-48, which will be nearly three times the size of One Horizon Center.
Sriram Khattar, Managing Director DLF Rental Business said, "We are excited about the JV with Hines, this is our second JV with them. With our joint experience, we shall work together to develop world-class buildings which will set new standards for commercial buildings in this part of the world".
"A significant feature of the relationship has been the implementation of international best practices in the industry in Indian conditions which have been accepted by both partners," says Surojit Basak, Executive Director DLF. He further added that the JV will commence construction in the next financial year.