Boston-based Pembroke Real Estate has acquired One Grafton Street in London's Mayfair district from Hines European Value Added Fund (HEVAF).
Boston-based Pembroke Real Estate has acquired One Grafton Street in London's Mayfair district from Hines European Value Added Fund (HEVAF).
The financial details of the acquisition of the 3,500 m2 property were not disclosed. Hines - headquartered in Houston, Texas - was advised by Knight Frank on the transaction.
One Grafton Street comprises six storeys of prime office space, four retail units and an apartment. Redeveloped by Hines in 2010, the building combines Victorian and contemporary design behind a partially retained façade. The property is fully leased to 10 tenants, and holds a "Very Good" BREEAM rating.
Pembroke Real Estate is an international real estate advisor that acquires, manages and develops properties in the office, residential and mixed-use sectors. The company manages 580,000 m2 across Europe, North America, Asia and Australia.
Pembroke facilitates the investment of private capital of US financial service providers Fidelity Investments and Fidelity Worldwide Investment (FIL Ltd).
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. HEVAF was launched in 2005 with €287 mln of equity commitments from a group of European institutional investors. The fund's strategy has been to invest in and add value to real estate, principally in France, Germany, Italy, Spain and the UK.
On 21 February Hines announced that the fund had sold the Riva office building located in the Paris suburb of Neuilly-sur-Seine to fund manager Amundi.
Earlier in February Hines Global REIT made its first foray into Germany with the purchase of the Mercedes-Benz bank building in Stuttgart.
