Hines to invest $500 million to develop new projects
US-based realty firm Hines plans to invest USD 500 million in India to develop new commercial and housing projects as it sees great opportunities for growth despite slowdown in the property market, a top company official said.
Hines is a global real estate investment firm with a presence in 219 cities across 23 countries. It entered India in 2006 and has so far invested USD 400 million equity for the development of six projects, of which two are already completed.
“Asia and India is a focus market for us. We would love to invest USD 500 million in India over the next several years,” said Laura Hines-Pierce, Managing Director and Chief Transformation Officer, Hines.
She represents the third generation of Hines family. Gerald D. Hines is the founder and Chairman of the American firm.
Hines Chief Investment Officer (Asia) Lee Timmins said: “We have a long-term and very positive view on Indian real estate. India is a great growth story but there will be bumps on the road.”
“Some of the problems that exist in Indian real estate market, it is our advantage,” said Timmins, who is also the CEO of Eurasia region.
Housing market might be under stress but office space leasing is strong in India, he said, adding that the company would adopt a careful approach in picking right partners and right locations for projects development.