Hines Raises $600M for Property Partners Fund, Bringing Total to $1.4B
Hines announced that Hines U.S. Property Partners (HUSPP), the firm’s flagship commingled U.S. core-plus fund, has closed on an additional $600 million of equity, reaching aggregate equity commitments of $1.4 billion. The combined equity raised gives the fund over $2.3 billion in total investment capacity, Commercial Observer has learned.
To date, HUSPP has closed on six investments spanning four major property types: industrial, multifamily, mixed-use and office. The current portfolio is more than two-thirds weighted toward the industrial and multifamily sectors. The HUSPP team expects to deploy the remaining capital over the next 12 months.
“We are very excited by the momentum we have seen since the fund’s launch last July,” said Adriana de Alcantara, the HUSPP fund manager at Hines. “These opportunities have demonstrated the strength of our highly local platform, which enables us to acquire off-market deals in dynamic locations in Los Angeles, Seattle, Austin and Minneapolis.”
HUSPP has secured a diverse investor base that includes 20 institutional investors drawn from public and private pension plans, insurance companies, high net-worth individuals, banks, nonprofits and family offices in the U.S., Europe and Asia.
Emily Fu can be reached at efu@commercialobserver.com.
