Hines enters the Pune office market through a partnership with…

(PUNE, INDIA) – Hines, the international real estate company, today announced its strategic entry into the Pune office market through a partnership with Goel Ganga Corporation, an experienced property developer and leading land owner in Pune. Hines will plan a proposed 43-acre IT park site in Kharadi totaling nearly 7 million square feet. The first phase of the development will be 2.4 million square feet of Class A office space.

“We are delighted to enter the Pune office market with Goel Ganga Corporation,” said Amit Diwan, Managing Director and Country Head India, Hines. We share the same long-term vision and the belief that this project will become an ideal office of choice for future tenants. Pune has a deep institutional office market, and we are excited to add a future-proof asset to the market.

Amit Goel, President and CEO of Goel Ganga Corporation, said, “We have believed in setting benchmarks in residential real estate development over the past four decades by delivering nearly 30 million square feet. Now onto our new vision to create a benchmark in business, IT and ITES assets over 20 million square feet, we are excited to partner with Hines on this project to create the benchmark, similar to the ones they have created in other parts of India and around the world. We believe that a local-global partnership offers unique benefits to the project that neither can do so successfully alone. »

Cushman & Wakefield advised on the deal. Saurabh Shatdal, Managing Director – Land & Capital Markets, India Cushman & Wakefield added: “We are pleased to have advised this deal where both partners can benefit from each other’s strengths and experience to create the next project. lighthouse for Pune. The Kharadi Market remains a prime location and the occupiers want high quality campuses that Hines can build on Goel Ganga land, so it’s a synergistic partnership.

The plot of land is located in the SBD East submarket of Pune, which has over 50% of the total Class A office stock in Pune and among the lowest vacancy rates in the city. SBD East witnesses the highest annual uptake and is also one of the fastest growing office markets in Pune. It boasts of being the preferred destination of all major BFSI, IT and ITES tenants. The project is well connected to other major micro markets in East Pune by existing roads such as Ahmednagar highway and Kharadi bypass road.

About Hines

Hines is a privately held, global real estate investment firm founded in 1957 with operations in 240 cities in 27 countries. Hines oversees a portfolio of assets under management valued at approximately $160.9 billion¹, including $81.7 billion of assets under management for which Hines acts as investment manager, and $79.2 billion representing over 172.9 million square feet of assets for which Hines provides third-party properties. level benefits. Historically, Hines has developed, redeveloped or acquired approximately 1,450 properties, totaling over 485 million square feet. The company has more than 180 developments currently underway around the world. With extensive experience investing across the risk spectrum and all property types, and a pioneering commitment to ESG, Hines is one of the largest and most respected real estate organizations in the world. Visit www.hines.com for more information. ¹Includes both Hines Global Organization and RIA AUM as of December 31, 2020.

About Goel Ganga Corporation

Goel Ganga Corporation – promoted by its Chairman Emeritus – Shri Jaiprakash ji Goel, is one of Pune’s leading property developers and has built and delivered 30 million square feet over the past four decades and a large family of 40,000 satisfied clients . Goel Ganga has 15,000 numbers. Residential and commercial units under construction totaling 25 million square feet. And an additional 20 million square feet of commercial, IT, ITES, residential and township projects proposed to be launched by 2023. Apart from Pune, the group has also established its presence in Bangalore, Mumbai and Nagpur over the past few years and his business interests include residential, commercial, educational, hospitality and shopping malls in addition to real estate. The focus on its core values ​​of integrity, passion, innovation and authenticity has enabled the group to build strong brand equity with various stakeholders and financial institutions. Visit www.ggc.co for more information.

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services company that delivers exceptional value to occupiers and owners of real estate. Cushman & Wakefield is one of the largest real estate services companies with approximately 50,000 employees in over 400 offices and 60 countries. In 2020, the company had revenue of $7.8 billion in core services of property, facilities and project management, leasing, capital markets, assessment and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter. Visit www.cushmanwakefield.com for more information.

Jose C. Birney