Privately-owned global real estate investor Hines has executed the final closing of its Hines European Value Fund (HEVF) with a total fund size exceeding €720 mln of equity commitments, surpassing its original target by more than 40%, according to the firm.
HEVF accepted commitments from a primarily European group of 16 limited partners including German, Italian, Norwegian, Spanish, French and Finnish institutional investors, alongside Hines' co-investment as sponsor.
'The HEVF management team and Hines leadership are delighted by the success of the capital raising for our flagship European value-add vehicle, which is intended to be the first in a recurring HEVF series stretching across cycles in our target markets,' said Paul White, HEVF fund manager.
White recently appointed Ruth Jackson to serve as portfolio manager in the dedicated team.
The limited partner group includes subscriptions from Allianz, Intesa Sanpaolo Vita, Nordrheinische Ärzteversorgung (NAEV), Kirchliche Versorgungskassen KZVK / VKPB, OP Real Estate and the Finnish Church Pension Fund, Formuesforvaltning, Kommunaler Versorgungsverband Thüringen (KVT), Wealthcap and other German and Asian pension fund and insurance group clients.
Twelve of the fund’s 16 investors are first-time investors with Hines, the firm said.
HEVF is the flagship value-add fund for Hines in Europe, with a geographic mandate across the European Union, plus Norway. In the first 12 months following the fund’s initial closing, HEVF has committed c. €200 mln equity to the fund’s first three project investments in Stuttgart, Copenhagen and Barcelona, along with a fourth acquisition in exclusivity.
'With local teams in 11 countries and 17 offices, we have grown our European platform by strengthening our presence on the ground in strategic markets across the region,' said Lars Huber, CEO of Hines Europe.
