UK local government pension scheme Border to Coast Pensions Partnership committed €80m to Hines’s latest European value-add real estate fund, which successfully secured €1.6bn at closing.
Late last month, Hines said it had raised over €1.6bn for Hines European Real Estate Partners III (HEREP III), surpassing its €1.5bn target.
The global real estate manager said HEREP III fund, which was mainly backed by pension funds and insurers, had at the time committed over €300m of its capital.
Hines has now disclosed that Border to Coast has joined as an investor in HEREP III.
The fund, launched in mid-2022, has invested equity to assemble an initial portfolio of four assets in three markets and expects to continue investing until mid-2026 as it mainly targets student accommodation, distribution logistics and sustainable office spaces in prime locations, the manager said.
Paul Campbell, real estate portfolio manager at Border to Coast, said: “Border to Coast has strong focus on environmental, social and governance factors and the impact this will have on asset values in the longer term.
”Partnering with Hines, a real estate specialist investment manager with strong ESG credentials, will enable us to deliver for our partner funds.”
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