US-headquartered developer-investor Hines has raised €155 mln of equity commitments in the first close for its Hines Poland Sustainable Income Fund (HPSIF).

US-headquartered developer-investor Hines has raised €155 mln of equity commitments in the first close for its Hines Poland Sustainable Income Fund (HPSIF).

HPSIF will focus on the acquisition of properties that can be actively managed to improve energy efficiency and lower emissions, Hines said. The fund has been seeded with an initial portfolio consisting of three Hines office buildings in Warsaw’s Mokotów district, Ambassador, Nestlé House and Sky Office.

‘We are most appreciative of the investors who have embraced our investment strategy. With bank leverage, the initial capitalization will allow us to invest more than €300 mln over the next two years in selected office and warehousing facilities,' said Mieczyslaw Godzisz, senior managing director of Hines Poland.

‘The plan is to use the funds of HPSIF to purchase five or six other buildings, boosting Hines’s position as an active investor on the Polish market,’ added Leo Chen, fund manager of HPSIF.

Hines opened a regional office in Warsaw, Poland in 1997 and has since completed over 280,000 m2 of projects in the country.