Hines India to sell 50% stake in commercial property asset

Real estate investor Hines India Ltd has decided to sell its 50% stake in One Horizon Centre, a premium commercial building in Gurugram’s Golf Course Road. The other half of One Horizon is owned by top developer DLF Ltd. The sale of Hines’ share in the 800,000 sq. ft. office tower may fetch around ?700-800 crore, according to property consultants. Earlier this year, Hines sold another commercial office tower in Gurugram to Indiabulls Dual Advantage Commercial Assets Fund and co-investor InterGlobe Real Estate Ventures Pvt. Ltd for around ?200 crore. Hines India is part of international real estate investor Hines, which is present across 24 countries and has around $111 billion assets under management. Hines had set up a $300 million equity fund in 2007 to invest in real estate projects in India.