Hines has raised an initial €900m for its latest value-add European real estate fund.
The manager said the Hines European Value Fund 3 (HEVF 3), which seeks to raise €1.5bn, was backed by a group of 15 investors, predominantly existing investors in the series.
Hines said it expects to make further closings through the year, and into early 2023 as required.
The manager said it 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 has already secured control of two separate deals in the logistics and residential sectors, Hines said.
Alex Knapp, CIO – Europe at Hines, said: “To attract this level of capital to our third value-add fund despite market uncertainty and cloudy macroeconomic conditions is a testament to the strength of our team. It means we have raised €2bn in discretionary equity in the first half of 2022 across our suite of European flagship funds.”
Knapp said the Hines European Core Fund has secured equity commitments of €300m, the recently launched core-plus Hines European Property Partners fund raised €800m at first close, and this, ”our HEVF 3 rounds off a highly successful few months for our investment management platform in Europe”.
Source: realassets.ipe.com on the 1st of June