NEWS

June 2010
Stephen Musgrave Set to Leave Hines UK, Jay Wyper Becomes Country Head

Hines, the international property firm, announced today that Stephen Musgrave will step down as managing director of Hines UK at the end of July, having joined in 2006.  He will be replaced by Jay Wyper, a 30-year Hines veteran.

Musgrave comments: “I have had four great years with Hines, which is a genuinely outstanding global brand. Along with the rest of the property world, we in the UK have dealt with our share of challenges, but our current projects are looking good on the back of an improving market. Hines has developed exciting new products and partnerships that bode well for an excellent future for the UK business. After more than 20 years as managing director of three separate, substantial property companies, I now want to explore new opportunities within the property world and to secure greater flexibility and variety in how I work. First of all, I intend to enjoy the rest of the summer with my family.”

Jay Wyper began with Hines in 1979 and has worked around the globe. Since 2001, he has been based in London as a Director in Hines UK with responsibilities including the redevelopment of Cannon Street Station in the City of London, as well as for selected, high-profile projects across Europe including the mixed-use, Porta Nouva, project in Milan. In his new role as managing director and UK country head, Wyper will report to Michael J.G. Topham, CEO of Hines’ operations in Europe, the Middle East and North Africa. Wyper will continue to work with the Hines UK Management Board of Andrew Reynolds, Simon O’Donnell, Ian Brown and Simon Jenner.

Topham comments, “Stephen leaves Hines UK poised to become a significant player in the UK property market, with an experienced team offering expertise in property acquisition, property development, and project management for third parties.  His outstanding contribution includes the complex development of our Cannon Street and Grafton Street projects — both now nearing completion.”

Hines, one of the largest full-service, privately held property companies in the world, maintains offices in 17 countries and owns or manages assets valued at more than $22.2 billion. Hines currently has approximately 500 employees in Europe and the Middle East and an additional 2,950 in North and South America and Asia. Founded by Gerald D. Hines in 1957, Hines is largely known globally for its outstanding architecture in large-scale developments and for its active acquisition business.