Hines has announced the final closing its flagship value-add fund, Hines European Value Fund (HEVF), after surpassing its original target by more than 40% to exceed €720m (£641m) of equity commitments.
Investors in the fund include a European group of 16 limited partners including Allianz, Intesa Sanpaolo Vita, Nordrheinische Ärzteversorgung, 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, alongside Hines as co-investor and sponsor. Twelve are first-time investors with Hines.
In its three-year investment period HEVF will look to invest in office, retail, logistics, residential and mixed-use opportunities across the European Union, plus Norway.
In the first 12 months since the fund’s initial closing, it has invested around €200m in three projects in Stuttgart, Copenhagen and Barcelona, along with a fourth acquisition in exclusivity.
Hines fund manager Paul White recently appointed Ruth Jackson to serve as portfolio manager.
White said: “We are focused now on the work of very selectively assembling a fund portfolio to deliver the investment objectives of those investor partners who have placed their trust in this mandate.”
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