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Laxman Pai, Opalesque Asia: Hines, a privately owned global real estate investment firm has raised EUR 800 million ($846 million) of equity commitments for its open-ended core-plus fund, otherwise known as Hines European Property Partners (HEPP).
The Houston, Texas, based investor, and developer said that the new European property fund has attracted investors across Europe and the US in its first closing. The strategy is not fully subscribed yet, and Hines plans to attract a further €200 million in the fund's first year of operation.
"The fund aims to attract €1bn in investor equity in the first 12 months from investors around the world," a press release said. Launched in early 2022, HEPP is led by Jorge Duarte, who joined Hines from Barings to take up the role of a fund manager.
The real estate firm's two other strategies, described by the firm as "global sister funds" to HEPP, have already attracted over $2.5 billion between them - the Hines US Property Partners (HUSPP) and Hines Asia Property Partners (HAPP) strategies. Both launched in 2021.
Together with HEPP, the firm has secured $3.5 billion in combined commitments for the open-ended core-plus funds.
HEPP will complement Hines' existing European funds, the Hines European Core Fund (HECF), the firm's open-ended core flagship vehicle, and the Hines European Value Fund (HEVF) series, its close-ended value add counterpart.
The fund is seeking to acquire and develop sustainable assets ac...................... To view our full article Click here
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