{"id":1004381966,"date":"2020-01-14T06:08:48","date_gmt":"2020-01-14T14:08:48","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004381966"},"modified":"2020-01-14T08:14:21","modified_gmt":"2020-01-14T16:14:21","slug":"hines-completes-first-closing-of-1-4b-european-fund","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hines-completes-first-closing-of-1-4b-european-fund\/","title":{"rendered":"Hines Completes First Closing of $1.4B European Fund"},"content":{"rendered":"
\"\"

Paul Hines, HEVF 1 and HEVF 2 fund manager at Hines. Image courtesy of Hines<\/em><\/p><\/div>\n

Less than four months after Hines launched Hines European Value Fund 2, the investment vehicle’s first closing has reached completion with equity commitments totaling \u20ac637 million, or approximately $708.9 million. The initial commitments leave the fund with more than 50 percent of its target equity raise of \u20ac1.25 billion, which equates to roughly $1.4 billion. <\/p>\n

HEVF 2 launched in September 2019 and like predecessor Hines European Value Fund<\/a>, it is a core plus\/value-add fund. The overwhelming success of HEVF 2’s first closing didn’t quite come as a surprise to Hines, as investors making larger commitments came aboard early in the process. However, Hines’ priority for the initial raise was not about securing a certain amount of equity. “The important thing was to hold the closing on schedule to allow HEVF 2 to begin to harvest from the strong value-add pipeline Hines Europe is generating, for an unbroken time series of investing in the region,”<\/em> Paul White, HEVF 1 and HEVF 2 fund manager at Hines, told Commercial Property Executive<\/em>.<\/p>\n

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SEE ALSO:<\/strong> Video: Why Invest in Europe?<\/a><\/p>\n

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HEVF 2 will be active in leading institutional city markets, targeting a range of risk profiles and asset classes with a particular focus on office properties. Hines has already landed two seed assets, a value-add office property in Munich and a residential rental community in Madrid, both of which the company sourced in off-market transactions. Upon completing the purchase of a mixed-use office and retail asset in London’s West End, HEVF 2 will have invested \u20ac300 million, or roughly $333.4 million.<\/p>\n

Fans Old and New<\/strong><\/h2>\n

Thirteen institutional investors contributed to HEVF 2, with approximately half the group having participated in HEVF 1, which raised \u20ac721 million, or nearly $810 million, over an 11-month period before closing oversubscribed in August 2018. “Our hope has always been to create a journey of vintages across cycles for a group of returning investors, diversifying their value-add exposure across time as well as diversifying across markets, sectors and profiles,”<\/em> White told CPE<\/em>. “At the same time, of course, we are delighted to welcome new LPs into HEVF 2, as the second fund is a significantly larger vehicle. That fact in itself opens up HEVF 2 as a potential investment for certain large institutions.”<\/em> <\/p>\n

Hines will hold additional closings for HEVF 2 through 2020 and will co-invest 5 percent of the total investor commitments. The firm anticipates that HEVF 2 will have leveraged buying power in the \u20ac3 billion range, or $3.3 billion, and will be Hines Europe’s largest closed-ended fund thus far. <\/p>\n","protected":false},"excerpt":{"rendered":"

Thirteen institutional investors made equity commitments totaling approximately $709 million to a core plus\/value-add investment vehicle that will have leveraged buying power of roughly $3.3 billion.<\/p>\n","protected":false},"author":969,"featured_media":1004381978,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,16,21783,21742,21747],"tags":[32797],"class_list":["post-1004381966","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-international","category-investment","category-latest","category-office","tag-hines"],"acf":[],"yoast_head":"\nHines Completes First Closing of $1.4B European Fund - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/hines-completes-first-closing-of-1-4b-european-fund\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hines Completes First Closing of $1.4B European Fund\" \/>\n<meta property=\"og:description\" content=\"Thirteen institutional investors made equity commitments totaling approximately $709 million to a core plus\/value-add investment vehicle that will have leveraged buying power of roughly $3.3 billion.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/hines-completes-first-closing-of-1-4b-european-fund\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-01-14T14:08:48+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-01-14T16:14:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/01\/Munich-skyscrapers.-Image-via-Pixabay.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hines-completes-first-closing-of-1-4b-european-fund\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/hines-completes-first-closing-of-1-4b-european-fund\/\",\"name\":\"Hines Completes First Closing of $1.4B European Fund - 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