Global real estate investment and development company Hines is planning to raise the India-dedicated fund worth $500 million in the coming two quarters as part of its growth strategy. It will be a close-ended fund with an entire tenure of 10 years. Hines India plans to commit about half of this fund in the first year itself and has already begun exploring investment opportunities for this. Hines India aims to boost its presence in the nation through new partnerships and alliances. The firm is exploring new office projects via development management deals in Bangalore, Pune and Mumbai property markets each. Additionally, it is likely to declare a housing project in Mumbai and Gurgaon shortly. Presently, the firm has projects spread over a total of 12 million sq ft under pipeline comprising the construction and design stage and the new fund is likely to increase its portfolio further. The firm is open to several growth options comprising direct acquisitions, joint ventures (JV), development management, forward funding and asset management. Hines forayed into the Indian property market in 2006 and initially set up and leased two office developments comprising One Horizon Center and Skyview Corporate Park in Gurgaon. The firm, so far, has a $1.2 billion worth of portfolio with procured, managed and under development assets. Presently, Hines has five offices and three residential projects under different stages of expansion across the National Capital Region (NCR), Mumbai, Bangalore and Pune. In addition to its first office in Gurgaon, the firm has also opened new offices in Bangalore, Pune and Mumbai and aims to explore more property markets. The US-based firm Hines aims to increase its India exposure with a plan to raise a fund earmarked to investments in office properties in the nation in the backdrop of a series of reforms enhancing the business environment, according to a top official of the company. Image Source Also read: K2 Group India joins strategic real estate investment advisory firm