Hines has raised €900m (£765m) of equity at the first closing of its new European value-add fund, putting the vehicle 60% of the way towards its €1.5bn target.
Hines European Value Fund 3 secured the capital from 15 European institutional investors, most of which were existing investors in the series. The company plans further closes during the remainder of this year and early 2023, with US, Asian and Middle Eastern investors expected to join.
The firm anticipates the fund will be the largest in the series so far and has already made initial investments in the logistics and residential sectors.
Paul White, fund manager for the HEVF series, said: “The last two years have changed what real estate stock is needed; where; and with what characteristics. For a value-add fund with an active strategy like ours, disruption is opportunity.
“We’re intending to take conviction positions on the best value opportunities in Europe, wherever they migrate to in the current more volatile context.”
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