REGIONAL OFFICES

Hines Luxembourg Regional Office

Hines founded the Luxembourg Regional Office in 2003. Luxembourg was chosen as an ideal location from which Hines could ably invest across Europe, including in those countries already managed through Hines’ network of European Regional Offices. Since 2003, the office has grown to service Hines’ newly established pan-European funds.

A Current Regional Initiative

Currently the team of professionals at Hines Luxembourg services the following Hines sponsored funds:

Hines European Development Fund (HEDF) – a closed end US limited partnership investing in pan-European real estate office developments.

Hines European Development Fund II (HEDF II) – a closed end US limited partnership investing in pan-European real estate office developments.

Hines European Value Added Fund (HEVAF) – a closed end Luxembourg “fonds commun de placement” (“FCP”) investing in pan-European value added real estate opportunities.

Hines European Core Fund (HECF) – an open ended Luxembourg “fonds commun de placement” (“FCP”) investing in core markets throughout Europe.

Hines Sunbelt Fund (HCSF) – a private investment with an institutional investor focusing on residential and land opportunities in Spain.

Hines International Real Estate Fund (HIREF) – a closed end “fonds commun de placement” (“FCP”) investing in development opportunities in China, Russia, Poland and other emerging markets..

The Luxembourg Office also manages some of Hines’ own investments in Europe as well as provides general financial, tax, legal, accounting and administration services for Hines European Regional offices.

Kenneth MacRae Managing Director

Mr. MacRae joined Hines in 2002 as the Financial Controller for the Hines European Development Fund (HEDFI), where he was responsible for establishing the fund's financial reporting and control framework. In 2005, Mr. MacRae became responsible for the Hines European Value Added Fund (HEVAF), and in 2007 was appointed as Fund Controller for the Hines European Development Fund II (HEDFII). Mr. MacRae was appointed Managing Director of Hines Luxembourg in September 2008 and is responsible for managing a team of accountants and other professionals servicing funds with over €2bn of committed capital. Prior to joining Hines, Mr. MacRae was Group Financial Controller of an international boutique hotel group with responsibility for financial management, tax planning and treasury management.