Hines Interests, a global realty investment, development and management company, is paying Rs 900 crore to DLF for 49 percent stake in a proposed commercial project.
The project is coming up at Gurugram in Haryana. The DLF subsidiary will hold 51 percent stake in this partnership, while the rest will be held by the fund managed by Hines Interests.

The 12 acre plot located close to DLF Cybercity has total development potential of 2.5 million sq ft. The deal values the land parcel at over Rs 127 crore per acre. DLF had acquired the plot for about Rs 1,500 crore after emerging as the highest bidder for the land parcel put on the block by the Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) in a closely contested e-auction.

In October 2018, DLF’s subsidiary DLF Home Developers had inked a non-binding term sheet with Hines for the project. The financial details of the deal are still being negotiated with Hines Interests. The project proposed on this land parcel is expected to have a mixture of high-street retail and Grade A offices

here is company details.

 

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