NEW DELHI: US-based realty firm Hines and DNR group will invest Rs 650 crore over the next three years to develop a commercial project in Bengaluru.
Hines, a global real estate investment firm with a presence in 255 cities across 27 countries, entered India in 2006.
Last year, Hines and Bengaluru-based DNR partnered to develop an office complex in the IT city with 1 million sq ft of built-up area.
DNR Group and Hines on Wednesday started construction of the ‘DNR Altitude’ project.
The project is located on a 4-acre commercial site owned by DNR Group in Yeshwanthpur.
The project with 1 million square feet of built-up area will have a grade-A quality 20-storey office tower.
“Altitude is expected to be completed by end-2024 with an investment of approximately Rs. 650 crore,” the company said in a statement.
An initial investment of Rs 200 crore has already been made in the project.
Source: Press Trust of India