INSTITUTIONAL FUNDS NARRATIVES
Since 1991, Hines has employed a range of investment
strategies to pursue acquisition and development opportunities
through 27 investment vehicles with more than $15 billion in equity.
The diversity of these vehicles demonstrates Hines’ ability
to execute investment strategies in different markets throughout
the world.
United States
Hines CalPERS Green Development Fund
Fund Manager, Gary Holtzer
Hines CalPERS Green Development Fund (HCG) was formed in August 2006 with the California Public Employees’ Retirement System (CalPERS) to develop sustainable office buildings that will be certified through the Leadership in Energy and Environmental Design Core & Shell (LEED-CS) program. HCG’s initial equity capital commitment was US$123 million and with additional equity capital commitment by CalPERS in 2007 now totals US$277 million.
Hines U.S. Office Value Added Fund L.P.
Fund Manager, David Congdon
Hines U.S. Office Value Added Fund (HUSVAF I) was formed in December 2003, to invest in existing office properties in the United States with value add potential through leasing, or redevelopment activities. HUSVAF I had equity capital committed of US$276 million.
Hines U.S. Office Value Added Fund II L.P.
Fund Manager, David Congdon
Hines U.S. Office Value Added Fund II (HUSVAF II) was formed in October 2006, to invest in existing office properties in the United States with value add potential through leasing, or redevelopment activities. HUSVAF II had equity capital committed of US$828 million.
National Office Partners Limited Partnership
Fund Manager, Gary Holtzer
National Office Partners (NOP) was formed in July 1998 with the California Public Employees’ Retirement System (CalPERS) to acquire, develop, lease, own and sell office buildings in the United States. From inception through March 2005, the initial phase of the partnership, the total equity capital commitment was US$2 billion. The current phase of the partnership has total equity capital commitment of US$600 million.
Europe
Hines European Development Fund L.P.
Fund Manager, Mark Sears
Hines European Development Fund (HEDF I) was formed in October 2002 to develop and redevelop Class A office space in major metropolitan cities in Western Europe. HEDF I had equity capital committed of €387 million (approximately US$453 million).
Hines European Development Fund II L.P.
Fund Manager, Mark Sears
Hines European Development Fund II, L.P. (HEDF II) was formed in February 2007 to develop new Class A office buildings and redevelop well-located existing buildings in the targeted countries of France, Germany, Italy, Spain and the UK. As a successor fund to HEDF, HEDF II has total equity capital commitments of €647 million (approximately US$855 million).
Hines European Value Added Fund L.P.
Fund Manager, Bahram Motamedian
Hines European Value Added Fund (HEVAF) was formed in March 2005 to invest in a geographically diverse portfolio of buildings across Europe with value add created through development, redevelopment, leasing and sale of the properties. HEVAF’s equity capital commitment was €287 million (approximately US$372 million).
Emerging Markets
Emerging Markets Real Estate Fund I L.P.
Fund Manager, Leo Chen
Emerging Markets Real Estate Fund I (EMRE I) was formed in September 1996 to develop, redevelop, lease, own and sell Class A office, residential and industrial projects in diverse emerging economies outside the United States. EMRE I had equity capital committed of US$410 million.
Emerging Markets Real Estate Fund II L.P.
Fund Manager, Leo Chen
Emerging Markets Real Estate Fund II ( EMRE II) was formed in February 1999 to develop, re-develop, lease, own and sell Class A office, residential and industrial projects in diverse emerging economies outside the United States and certain Western European markets. EMRE II had equity capital committed of US$436 million.
Hines India Fund L.P.
Fund Manager, Leo Chen
Hines India Fund L.P. (HIF) was formed in October 2007 to develop office projects and high end residential properties and acquire fully entitled land with potential involvement in master-planned communities and township developments to meet the demand of multinational and Indian corporations and the growing middle class, respectively. Primary markets are New Delhi/National Capital Region, Bangalore and Mumbai; secondary markets are Hyderabad, Chennai and Pune.
Hines International Real Estate Fund
Fund Manager, Leo Chen
Hines International Real Estate Fund (HIREF) was formed in July 2006 to acquire and develop office, retail, residential and industrial projects in emerging markets, with its main focus being China, Russia and Poland. HIREF’s equity capital commitment was US$343 million.
HCM Holdings L.P.
Fund Manager, Steve Dolman
HCM Holdings LP (HCM I) was formed in January 2005 with an institutional investor to develop, lease, own and sell residential, retail, office and industrial projects in geographically diverse locations/segments in Mexico. HCM I’s equity capital commitment was US$110 million.
HCM Holdings II L.P.
Fund Manager, Steve Dolman
HCM Holdings II, LP (HCM II) was formed in March 2007 with an institutional investor to develop and acquire residential, retail, office and industrial projects that serve the growing middle class in geographically diverse locations/segments in Mexico. As a successor fund to HCM Holdings LP (“HCM I”), HCM II has total equity capital commitments of US$210 million.
HCB Interests L.P.
Fund Manager, Steve Dolman
Hines formed HCB Interests, LP (HCB I) in August 2005 with an institutional investor to invest primarily in Brazilian office, industrial, retail and residential projects. HCB I’s equity capital commitment was US$100 million.
HCB Interests II L.P.
Fund Manager, Steve Dolman
HCB Interests II, LP (HCB II) was formed in February 2007 with an institutional investor to develop and acquire institutional quality real estate targeting multi-national and major Brazilian corporate tenancies, residential development for low-to-middle income Brazilian households and continue the expansion of industrial distribution parks. As a successor fund to HCB I, HCB II has total equity capital commitments of US$500 million.
HCC Interests L.P.
Fund Manager, Simon Shen
HCC Interests LP (HCC) was formed in May 2006 with an institutional investor to invest in office, retail, land development, industrial, mixed use and hospitality projects in China. HCC’s equity capital commitment was US$250 million.
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