Hines plans $500-M India-dedicated fund to invest in office properties

Global real estate investment and development firm Hines is looking to raise a USD 500 million fund dedicated to investments in office properties in India. This will be a close-ended fund with a tenure of 10 years. The Texas, USA headquartered firm is exploring new office projects through development management agreements in Bangalore, Pune and Mumbai property markets. In addition, it is also expected to announce a housing project in Mumbai and Gurgaon. Currently, it has projects spread over 12 million sq ft under pipeline including under construction and design stage.