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NEWS
April 2007
Hines European Development Fund Acquires Property in London
Hines UK has acquired Chichester House in London, WC2 from Bishopswood Properties, a wholly owned subsidiary of GE Real Estate. The eight-storey, 70,000 sq ft (6,503 sq m) office and retail building is located on High Holborn in Midtown, close to Covent Garden and the British Museum, and midway between the City and West End. The property was purchased by Hines European Development Fund II (HEDF II), a Delaware Limited Partnership.
The building is empty, having been vacated by UK lawyers Reynolds Porter Chamberlain during 2005.
Bishopswood Properties was advised in the sale by Orchard Street Management and Jones Lang LaSalle.
Hines UK Director Andrew Reynolds said, “This acquisition secures our commitment to acquire high potential investments in a strongly competitive London marketplace. We now look forward to working with our retained advisers to create a high-quality commercial development to fulfill the demand for high-end office space.”
As a result of its first closing in March 2007, HEDF II is capitalized with $639 million (€470 million) of equity commitments provided by North American and European institutions. HEDF II will invest in office development projects as well as the development of mixed-use complexes located in Western European countries, targeting France, Germany, Italy, Spain and the UK.
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