Daibiru creates Gift City fund with Hines, invests Rs 1,000 crore in Gurgaon building
Daibiru Corporation, a subsidiary of the Japanese business conglomerate Mitsui O.S.K. Lines has invested Rs 1,000 crore in an under-construction office complex in Gurgaon, being developed by DLF in a joint venture with the global investment and development firm Hines, according to three persons familiar with the deal.
Hines, which holds a 33% stake in the joint venture, facilitated the exit of the Abu Dhabi Investment Authority (ADIA) by bringing in Daibiru as an investor.
Both companies have created Daibiru Hines Trust at GIFT City, Gujarat, and plan to invest in more commercial assets across the country.
“With robust growth and increasing transparency, India's real estate market is a bright spot for foreign investment. The underlying fundamentals of the Indian real estate market are likely to give investors the confidence to unlock greater value through acquisitions or securing a controlling stake through local subsidiaries,” said Anshuman Magazine, Chairman & CEO — India, South-East Asia, Middle East & Africa, CBRE.
Mitsui O.S.K. Lines declined to comment while Hines and ADIA did not respond to the email query.
While Japanese institutional capital managers have been sensing Indian real estate for years and are now positively inclined towards committing capital, most of their previous investments were in Bangalore and Mumbai.
“A large Japanese institutional investor giving an exit to a sovereign fund investor, in a world-class commercial office project being developed by DLF and Hines is unique in many ways
