Hines, the global real estate firm, has raised c €900 million of equity from institutional investors at the first closing of its new value-add fund, Hines European Value Fund 3 (HEVF 3).
Hines, the global real estate firm, has raised c €900 million of equity from institutional investors at the first closing of its new value-add fund, Hines European Value Fund 3 (HEVF 3).
A group of 15 investors, predominantly existing investors in the successful series, joined this first closing in which their subscriptions amount to 60% of the €1.5 billion targeted equity commitments Hines is seeking for HEVF 3. Further closings are expected through 2022, and into early 2023 as required. Hines expects the European investor group in this first closing to be joined by new and existing US, Asian and Middle Eastern partners in subsequent closings.
HEVF 3 is targeted to be the largest fund in the HEVF series to date, following its predecessor 2018 and 2020 vintage funds in the series. It will complement Hines’ other flagship European funds, the open-ended core-plus Hines European Property Partners (HEPP) and Hines European Core Fund (HECF).