International real estate firm Hines has acquired Chichester House in London from Bishopswood Properties, a wholly owned subsidiary of GE Real Estate. The eight-storey, 6,503 m[sup]2[/sup] office and retail building is located in High Holborn district in central London. The property was purchased by Hines European Development Fund II (HEDF II), a Delaware Limited Partnership. The building is empty, having been vacated by UK lawyers Reynolds Porter Chamberlain in 2005. Bishopswood Properties was advised in the sale by Orchard Street Management and Jones Lang LaSalle. The financial details of the transaction were not disclosed.
International real estate firm Hines has acquired Chichester House in London from Bishopswood Properties, a wholly owned subsidiary of GE Real Estate. The eight-storey, 6,503 m2 office and retail building is located in High Holborn district in central London. The property was purchased by Hines European Development Fund II (HEDF II), a Delaware Limited Partnership. The building is empty, having been vacated by UK lawyers Reynolds Porter Chamberlain in 2005. Bishopswood Properties was advised in the sale by Orchard Street Management and Jones Lang LaSalle. The financial details of the transaction were not disclosed.
Hines UK director Andrew Reynolds said, 'This acquisition secures our commitment to acquire high potential investments in a strongly competitive London marketplace. We now look forward to working with our retained advisers to create a high-quality commercial development to fulfil the demand for high-end office space.' As a result of its first closing in March 2007, HEDF II is capitalised with EUR 470 mln of equity commitments provided by North American and European institutions. HEDF II will invest in office development projects as well as the development of mixed-use complexes located in Western European countries, targeting France, Germany, Italy, Spain and the UK.
