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Hines to invest $250m in India

The private real estate firm will team up with local developers to invest in housing projects across major Indian cities.

Houston-headquartered private real estate firm Hines has announced that it will invest $250 million in residential developments in key cities across India.

The firm will partner with local Indian developers to make equity investments in multi-phased, for-sale residential developments across Delhi and its surrounding areas, Mumbai, Bangalore, and Pune, it said in statement.

Hines did not disclose where the equity was raised from. 

Hines has been present in India since 2006 and manages $455 million of property assets. The firm also operates the Hines India Fund, which was formed in 2007 to develop office and high-end residential properties across the country. Currently, $225 million has been invested via that fund.

“In emerging markets that are undersupplied in all asset classes, the execution of Hines’ best practices by dedicated, local and long-tenured management teams results in a strict approach to risk management that is flexible for local conditions and ultimately delivers better performance for our investors,” said Jeff Hines, president and chief executive officer of the firm.

“The early-stage availability and flexible duration of our equity commitments will reduce our projects exposure to the market cyclicality that has plagued Indian residential development,” said Yash Gupta, who leads the firm’s operations in India. “Our approach should unlock and maximize land value.”

Hines currently manages 391 properties spread over 161 million square feet, of which 89.1 million square feet of properties are managed for third parties. It controls $28.2 billion worth of assets, which include residential, office, mixed-use, industrial, hotel as well as medical facilities in Europe, US, Brazil and, as detailed above, India.