Realtor Kanakia, US-based Hines, 2 Japanese cos. partner for $1-B project in Mumbai’s BKC

Mumbai-based Kanakia Group has formed a joint venture with US-based real estate investment firm Hines and two Japanese companies - Mitsubishi Estate Co. (MEC) and Sumitomo Corporation - for an office project in Mumbai’s Bandra Kurla Complex (BKC) involving an investment of INR 3,000 crore. The project is expected to have a gross development value (GDV) estimated to be around USD 1 Billion.The proposed project will offer 1.5 million sq ft 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. Of the total investment, the equity investment will be about INR 1,025 crore.The project, comprising 12 upper floors and seven basements, will see Mitsubishi holding a 50% stake in the development, marking its maiden project in the city and fifth in India.Property consultant JLL India acted as the advisor for the transaction.