(PUNE, INDIA) – Hines, the international real estate firm, today announced its strategic entry into the Pune office market through a partnership with Goel Ganga Corporation, an experienced real estate developer and leading landowner in Pune. Hines will masterplan a 43-acre proposed 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 excited to enter the Pune office market with Goel Ganga Corporation,” said Amit Diwan, managing director and India country head, Hines. We share the same long-term vision and belief that this project will become an ideal office of choice for future tenants. Pune has a deep institutional office market, and we are thrilled to be adding a future proof asset to the market.
Amit Goel, Chairman & Managing Director, Goel Ganga Corporation, commented: “We have believed in creating landmarks in residential real estate development in the past four decades by delivering nearly 30 million square feet. Now on our new vision to create benchmark in commercial, IT, ITES assets of over more than 20 million square feet, we are delighted to partner with Hines on this project to create the benchmark, similar to the ones they have created in other parts of India and worldwide. We believe a local-global partnership provides unique benefits to the project that neither can do alone as successfully.”
Cushman & Wakefield advised on the deal. Saurabh Shatdal, Managing Director - Land & Capital Markets, India Cushman & Wakefield added: “We are happy to have advised on this deal where both partners can benefit from each other’s strengths and experience to create the next landmark project for Pune. The Kharadi market remains a location of choice and occupiers want high quality campuses which Hines can build on Goel Ganga’s land, so it’s a synergistic partnership.”
The land parcel is located in SBD East sub-market of Pune which has more than 50% stock of total Class A office in Pune and amongst the lowest vacancy rates in the city. SBD East witnesses the highest absorption annually and is also one of the fastest growing office markets of Pune. It boasts of being the preferred destination for all major BFSI, IT and ITES tenants. The project is well connected to the other major micro-markets of eastern Pune through existing roads such as the Ahmednagar Highway and Kharadi Bypass road.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 240 cities in 27 countries. Hines oversees a portfolio of assets under management valued at approximately $160.9 billion¹, including $81.7 billion in assets under management for which Hines serves as investment manager, and $79.2 billion representing more than 172.9 million square feet of assets for which Hines provides third-party property-level services. Historically, Hines has developed, redeveloped or acquired approximately 1,450 properties, totaling over 485 million square feet. The firm has more than 180 developments currently underway around the world. With extensive experience in investments 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 the global Hines organization as well as RIA AUM as of December 31, 2020.
About Goel Ganga Corporation
Goel Ganga Corporation - promoted by its Chairman Emeritus – Shri Jaiprakash ji Goel, is a leading Real Estate developer of Pune and has built and delivered 30 million square feet over the past four decades and a large family of 40,000 happy customers. Goel Ganga has 15,000 nos. Residential and Commercial units under construction amounting to 25 million square feet. And another 20 million square feet of commercial, IT, ITES, Residential and Township projects proposed to be launched by 2023. Besides Pune, the Group has also established its presence in Bangalore, Mumbai and Nagpur over the past few years and its business interests include residential, commercial, education, hospitality and malls in addition to real estate. Focus on its core values of integrity, passion, innovation and authenticity has enabled the group to build a 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 firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and 60 countries. In 2020, the firm had revenue of $7.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter. Visit www.cushmanwakefield.com for more information.