Kanakia inks JV with Hines, Mitsubishi Estate, Sumitomo to develop office complex in Mumbai
Realty firm Kanakia Group has tied up with US-based Hines,
Mitsubishi Estate
and
Sumitomo
Corporation to develop a premium 15 lakh square feet office complex at
BKC
in Mumbai.
In a statement on Friday, Kanakia Group said it has entered into a joint venture with Hines, and two of Japan's prominent conglomerates Mitsubishi Estate Co Ltd. (MEC) and Sumitomo Corporation for development of a premium office project in Bandra Kurla Complex (BKC).
Kanakia Group owns the land parcel while Hines, MEC, and Sumitomo are institutional investors and development partners.
This upcoming office complex, spread across a 3-acre land parcel, will have 1.5 million (15 lakh) square feet of office space integrated with other amenities, including F&B and retail zones.
Rasesh B Kanakia, Chairman of Kanakia Group, said, "This site holds special significance for us, and we are confident that Hines will bring a world-class product that will set new standards in India."
He said the company will continue to explore similar partnerships in the future to drive sustainable value creation.
"This project marks a significant milestone in our journey in India," said Amit Diwan, Senior Managing Director and Head of India at Hines.
"It reflects our commitment to deepening our presence in Mumbai and highlights our strategic partnerships with MEC and Sumitomo. This project is a collaboration with Kanakia Group..., who brings significant local knowledge and expertise that we greatly value," Diwan said.
Mumbai-based Kanakia Group has developed over 15 million sq ft area across residential, commercial, education, entertainment, and industrial sectors.
Kanakia Group has over 8.6 million sq ft in upcoming projects with Gross Development Value of Rs 12,825 crore.
Hines is a leading global real estate investment manager. It owns and operates USD 90.1 billion of assets across property types and on behalf of a diverse group of institutional and private wealth clients.
In India, Hines has developed many premium office and residential projects across major cities.
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