Latest news with #KanakiaGroup
Time of India
3 days ago
- Business
- Time of India
Kanakia, hines tie up for ₹3,000 crore office project in Mumbai
Mumbai: US-headquartered real estate investment manager Hines and Mumbai-based property developer Kanakia Group have entered into an alliance to develop a commercial office project on a 3-acre land parcel near Bandra-Kurla Complex (BKC) with a total investment of around ₹3,000 crore. The alliance has further partnered with Japanese conglomerate Sumitomo Corporation and real estate firm Mitsubishi Estate for the development spanning 1.5 million sq ft premium office spaces. Of the total investment, the equity investment will be about ₹1,025 crore. "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." As per the terms of the joint development agreement, landowner Kanakia Group will be responsible for the approvals, while the investment will be made by Hines and the Japanese entities. In addition to their investment, Hines, Sumitomo and Mitsubishi Estate will execute the development. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Perdagangkan CFD Emas dengan Broker Tepercaya IC Markets Mendaftar Undo "This formation of this alliance with Hines, Mitsubishi and Sumitomo has allowed us to deleverage our balance sheet in a significant manner. The approvals for the project have already been secured and we expect the development to be completed by the end of 2028," said Rasesh B Kanakia, chairman, Kanakia Group. The project, comprising 12 upper floors and seven basements in Mumbai's business district, will see Mitsubishi holding a 50% stake in the development, marking its maiden project in the city and fifth in India. Diwan, Kanakia and property consultant JLL India, which acted as the advisor for the transaction, declined to comment on the project's investment specifics. Live Events The project is located on a corner site facing the Santacruz-Chembur Link Road and a connecting road to the BKC district. "Given India's strong demographic tailwinds, along with the right fundamentals and market conditions, we've been seeing more investor interest in the country and continued demand for our office and residential projects," said Diwan.
Hindustan Times
3 days ago
- Business
- Hindustan Times
Kanakia Group partners with Hines, Mitsubishi, and Sumitomo for 1.5 million sq ft premium office project in Mumbai's BKC
Mumbai-based real estate developer, Kanakia Group and Hines, a global real estate investment manager, have partnered with two Japanese conglomerates, Mitsubishi Estate Co Ltd and Sumitomo Corporation to develop a commercial project near India's costliest business district Bandra Kurla Complex. According to the statement, the commercial office space project is spread across a prime 3-acre land parcel. The proposed development will offer 1.5 million sq ft of office space. The project is being designed by the renowned American architecture firm Kohn Pedersen Fox (KPF). According to the statement, the partnership brings together Kanakia Group as the land partner and Hines, MEC and Sumitomo as institutional investors and development partners, leveraging their global expertise in real estate and infrastructure to create a commercial hub in one of Mumbai's most strategically connected locations. Also Read: Mumbai Real Estate: Top 4 land deals worth nearly ₹5,000 crore closed in BKC, India's costliest commercial district According to the company statement, Kanakia Group's broader strategy is to shift towards an asset-light model and significantly reduce its debt to below ₹1,000 crore. Currently, Kanakia Group has over 8.6 million sq ft of upcoming projects with a Gross Development Value (GDV) of ₹12,825 crore, the statement said. Also Read: Real estate developers acquire 2,335 acres for ₹40,000 crore in 2024; Tier 1 cities hold 72%, Tier 2 cities 28% share 'We are delighted to partner with Hines, MEC, and Sumitomo on this prestigious trophy office project in the heart of Mumbai. 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. We will continue to explore similar partnerships in the future to drive sustainable value creation," Rasesh B. Kanakia, chairman, Kanakia Group, said. "This project marks a significant milestone in our journey in India,' said Amit Diwan, senior managing director and head of India at Hines. Also Read: Mumbai Metro Line 3 inauguration: How the BKC-Worli Link is set to boost the city's real estate market 'It reflects our commitment to deepening our presence in Mumbai and highlights our strategic partnerships with MEC and Sumitomo. This project with Kanakia Group in Mumbai, which brings significant local knowledge and expertise that we greatly value. Hines and Kanakia teams have worked on this project jointly for over a year already, and the project is progressing very well," Diwan said. 'Given India's strong demographic tailwinds, along with the right fundamentals and market conditions, we have been seeing more investor interest in the country and continued demand for office and residential,' it said.
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Business Standard
3 days ago
- Business
- Business Standard
Kanakia, US-based Hines, Japanese firms partner for $1 bn project in Mumbai
Mumbai-based Kanakia Group has entered into a joint venture with Hines, a real estate investment manager in the US, and two Japanese companies for an office project with a gross development value (GDV) estimated to be around $1 billion, according to a source. The consortium will develop a premium office project in Mumbai's Bandra Kurla Complex (BKC), India's costliest office hub, by investing Rs 3,000 crore, said the source. Mitsubishi Estate Co. (MEC) and Sumitomo Corporation are the Japanese partners in the venture. The proposed project will offer 1.5 million square feet (msf) of premium office space with amenities like zones for retail and food and beverages. American architecture firm Kohn Pedersen Fox (KPF) will design the project. '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. We will continue to explore similar partnerships in the future to drive sustainable value creation,' said Rasesh B Kanakia, chairman of Kanakia Group, in a statement. Kanakia has more than 8.6 msf of projects with a GDV of Rs 12,825 crore. The consortium's project is expected to benefit due to its strategic location and connectivity via BKC Connector Road, Santacruz-Chembur Link Road extension, upcoming Mumbai Metro lines, and the Mumbai-Ahmedabad Bullet Train terminus. 'This project marks a significant milestone in our journey in India. It reflects our commitment to deepening our presence in Mumbai and highlights our strategic partnerships with MEC and Sumitomo. Hines and Kanakia teams have worked on this project jointly for over a year already, and the project is progressing very well,' said Amit Diwan, senior managing director and India head at Hines. 'Given India's strong demographic tailwinds, along with the right fundamentals and market conditions, we've been seeing more investor interest in the country and continued demand for our office and residential projects,' said Diwan. 'This project is an excellent addition to our India portfolio, and we look forward to delivering the highest quality development that Hines is known for.' Hines has assets worth $90.1 billion under management as of December 31, 2024, with a portfolio of 108 msf across 30 countries. Sumitomo entered the Indian real estate market in 2016 by participating in a high-grade apartment development project, Krisumi City, in Gurugram. Mitsubishi expanded its business to India in 2023 with a business park development in Chennai. JLL is the transaction advisor for the consortium's deal. BKC has offices of multinational and Indian companies. As of December 2024, the area's weighted average quoted rents ranged from Rs 250 to Rs 400 per sq ft per month. However, it has also seen deals with a monthly per sq ft rent of over Rs 800 (Tesla and BNP Paribas).
The Print
3 days ago
- Business
- The Print
Kanakia inks JV with Hines, Mitsubishi Estate, Sumitomo to develop office complex in Mumbai
Kanakia Group owns the land parcel while Hines, MEC, and Sumitomo are institutional investors and development partners. 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). Mumbai, May 30 (PTI) 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. 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. PTI MJH HVA This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Time of India
3 days ago
- Business
- Time of India
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.
