Global real estate developer Hines is introducing a new boss for its India operation as the Houston-based company promotes Amit Diwan to managing director and country head.
“We are confident that Amit will build on our standards of excellence in India and continue to contribute to the strong global brand that Hines investors have come to expect,” Hines’ CEO for Eurasia Lee Timmins said in a statement. “We look forward to placing significantly more capital in this dynamic country.”
New Head Replaces Founding MD
Diwan takes over the 12 year old business after previously serving as chief investment officer of the Gurgaon-based operation since April 2015. In his new role the former Piramal Group and GE Real Estate executive will be responsible for managing the expansion of the business by raising and deploying both international and domestic capital into development projects and investment opportunities, according to a statement by Hines.
The new appointment comes as Hines continues to invest cash from its $250 million India Residential Fund, which it launched in 2014. The company made its first investment via the fund in 2016 when it bought a 10 acre (40,500 square metre) site in IREO Management’s IREO city to develop a housing project with in a joint venture with the local player.
The promotion fills a vacancy at the top of Hines’ India operation created when the company’s previous managing director, Yash Gupta resigned last October. Gupta, who left to form his own real estate firm had been the company’s top person in India since Hines set up there in 2006.
Hines Aims to Add to $672M in India Assets
After playing a key role in securing the privately owned firm’s first two India housing projects – one each in the cities of Gurgaon and Mumbai, Diwan will now be focusing on developing new residential and commercial projects across the country’s major cities. Hines has some $672 million in assets under management in India according to its website, including a pair of office projects in Gurgaon, One Horizon Centre – which it developed in partnership with local developer DLF – and Skyview Corporate Park.
Prior to joining Hines, Diwan had experience across India and Southeast Asia with JLL, in addition to working with Piramal and GE Real Estate after receiving his BA in Economics from the Shri Ram College of Commerce at Delhi University and earning his Masters from the Indian Institute of Management, Ahmedabad.
Founded in 1957, Hines has approximately $111 billion of assets under management and has a presence in 201 cities in 24 countries. The company has been a pioneer among western developers in China, a market that it entered in 1996. Hines now has 132 staff in China managing more than 1.8 billion in assets, including the newly completed One Museum Place office development in Shanghai’s Jing An district.