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According to three sources familiar with the transaction, Hines, one of the biggest privately owned real estate investors and developers in the world, has signed a contract with Pioneer Group to create 1.25 million square feet of office space on Golf Course Extension Road in Gurugram.
The project would be finished by 2028 and is expected to cost a total of Rs 1,500 crore. The transaction highlights Hines’s overarching plan to grow its portfolio of residential and commercial properties in India, one of its primary focal areas worldwide.
Pioneer Has A Broader Mixed-Use Master Plan For Office Spaces
It’s a little over three acres, and Pioneer Urban has a broader mixed-use master plan for it. It will be developed as office space with retail amenities. One of the individuals mentioned above stated, “Hines is already working on a residential project with Conscient Group in Gurugram and an office project with DLF.
The deal’s transaction adviser is CBRE. An email for feedback was not answered by the real estate consultancy. This is the most upscale phase of our 70-acre mixed-use development, and it offers great views of the Golf Course Road Extension.
Hines Operates In A Total Of Thirty Countries And 384 Cities Worldwide
Managing director of Pioneer Group Manish Periwal stated, “We are confident that Hines will deliver a world-class development given their experience executing large-scale real estate projects internationally and in India.”
Hines operates in thirty countries and 384 cities. In addition to $109 million square feet of assets under management, the firm offers property-level services to third parties on $92.3 billion in investment assets.
Mark The Pioneer Group’s Entry Into The Golf Course Extension Road
We are excited to announce our relationship with Pioneer Group and our entry into the Golf Course Road Extension office sector. Amit Diwan, Hines’ country president for India, stated, “Hines is dedicated to the highest quality development, and our vision is to build a mixed-use office building that will appeal to both multinational and Indian occupiers.”
India is one of Hines’ primary strategic regions for investment and development over the coming ten years, due to a number of variables. Hines aims to add additional 8–10 million square feet to the 12 million square feet that it is now creating or planning.
Hines maintains offices in Ahmedabad, Bangalore, Pune, Mumbai, Gurgaon, and Bangalore. In India, it has a portfolio of residential and commercial buildings, the majority of which are offices.
Source-ET
