Latest news with #RaseshBKanakia
Yahoo
12 hours ago
- Business
- Yahoo
Kanakia and others partner for office project in India
Indian real-estate developer Kanakia Group has partnered with global entities Hines, Mitsubishi Estate Co (MEC), and Sumitomo to develop a premium office project in the Bandra Kurla Complex (BKC) in Mumbai, a city within the Indian state of Maharashtra. Kanakia Group, as the land partner, will collaborate with US-based real-estate investment manager Hines, as well as Japanese conglomerates MEC and Sumitomo, serving as the institutional investor and the development partner, respectively. The joint venture (JV) is set to capitalise on the companies' collective global experience in real estate, aiming to enhance Mumbai's landscape with a new commercial epicentre. The partnership aligns with Kanakia Group's strategic shift towards an asset-light model, which has enabled the company to reduce its debt to below Rs10bn ($116.9m). The JV's office project spans a three-acre land parcel and is set to deliver 1.5 million square feet of premium office space. The development, designed by US architecture company Kohn Pedersen Fox (KPF), is poised to include amenities such as food and beverage (F&B) outlets and retail zones. This project is set to incorporate sustainability, smart infrastructure, and wellness within the commercial real-estate sector, states Kanakia. It is targeting certifications such as Leadership in Energy and Environmental Design, WELL, WiredScore, and SmartScore. Kanakia Group chair Rasesh B Kanakia 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. We will continue to explore similar partnerships in the future to drive sustainable value creation.' Hines senior managing director and India head Amit Diwan said: 'This project is a collaboration with Kanakia Group, a highly experienced real-estate player in Mumbai, who 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.' The site's location offers connectivity, with access to the BKC Connector Road, Santacruz–Chembur Link Road extension, upcoming Mumbai Metro lines, and the Mumbai-Ahmedabad Bullet Train terminus. Kanakia Group has delivered over 15 million square feet across different sectors. Its diversified portfolio includes residential projects, commercial developments, shopping centres, hotels, schools, and cinemas. At present, the company has more than 8.6 million square feet of projects in the pipeline, with a gross development value of Rs128.25bn. "Kanakia and others partner for office project in India" was originally created and published by World Construction Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Erreur lors de la récupération des données Connectez-vous pour accéder à votre portefeuille Erreur lors de la récupération des données Erreur lors de la récupération des données Erreur lors de la récupération des données Erreur lors de la récupération des données
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Business Standard
4 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
5 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
5 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.
Time of India
5 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. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Beyond Text Generation: An AI Tool That Helps You Write Better Grammarly Install Now Undo 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." Live Events 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.
