Hines, an international real estate development, investment and management firm, has launched Hines U.S. Property Partners (HUSPP), a new, open-ended fund focused on industrial, life-sciences, mixed-use, multi-family, office, self-storage and other property investments. HUSPP raised $650 million from institutional investors connected to family offices, insurance companies, nonprofits and public pensions, while Hines contributed an additional $100 million. The fund is projected to top $1 billion by Sept. 30 and intends to collect $1 billion in annual investments, according to the source.

Hines has targeted submarkets within Atlanta, Dallas, Denver, Los Angeles and Seattle for opportunities, according to Alfonso Munk, chief investment officer for the Americas. Investments will leverage Hines’ corporate platform, including property management and select, value-add development projects.

“As we emerge from the pandemic, the real estate industry is at a critical inflection point, and successful managers will need to examine their portfolios in an increasingly dynamic environment,” Munk said in a released statement. “We are excited to launch this fund and begin implementing our strategy to buy, create and manage to meet investor demand, and lead the industry in redefining the future standards of core real estate.”

Hines entered the self-storage sector in 2018, with a plan to acquire and develop properties in the Southwest. It’s projects include Val Vista & Queen Creek Self-Storage in Gilbert, Arizona; Las Colinas Self-Storage in Irving, Texas; and Woodbridge Self-Storage in Wylie, Texas, according to the company website.

Founded in 1957, Hines is a privately owned global real estate investment firm with a presence in 27 countries. It has approximately $161 billion of assets under management and 180 development projects underway around the world. The firm’s current management portfolio comprises about 173 million square feet, the release stated.

Sources:
Bloomberg, Texas Firm Hines Raises $650 Million for U.S. Property Bets
Hines, Hines Secures $750 Million in Investor Commitments at First Closing of New U.S. Flagship Core-Plus, Open-Ended Fund