Hines is planning a €1.5bn fundraise for its third European value-add real estate fund.

The global real estate firm said the Hines European Value Fund 3 (HEVF 3) is expected to be its largest closed-end fund to date in its growing flagship series of value-add funds in Europe.

The HEVF fund series invests across the major real estate sectors. HEVF 1 focused on core-plus and value-add office investments and HEVF 2 was most active in the logistics and living sectors.

Hines said HEVF 3 is expected to have dominant allocations to logistics and office.

HEVF 3 is expected to have a first close in the early part of the second quarter, with further commitments to follow throughout 2022.

Paul White, fund manager for the HEVF series, said: “Following the successful formula for thematic investment strategies and off-market origination of its predecessors, this third fund is anticipated to be the largest to date in terms of equity commitments, and also intends to set a new benchmark of aspiration for ESG performance.

”We will really push to leap ahead of the market in this critical area. We also believe the strength of our local teams in each country we operate in, provides us with an unusually strong competitive advantage today.”

Alex Knapp, Europe CIO at Hines, said: “As we continue the expansion of our European investment platform, this third instalment of our flagship value-add series will once again apply our conviction approach to diversified European portfolio construction.

”We are very proud of the investment performance demonstrated by the first two HEVF vintages.”

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