(LONDON) – The London office of Hines, the international real estate firm, announced today that the Hines Pan-European Core Fund (HECF) has acquired from Arab Investments its first asset in the London office market – a prime West End office building located at 15 Suffolk Street in St. James. The period building is fully leased to boutique investment manager Fleming Family and Partners for a fixed term until 2022.
Arab Investments was advised by King Sturge, and Hines represented itself in the transaction.
Financials of the deal were not disclosed.
Constructed in the mid 1950’s with a façade based upon its original 19th century design and recently refurbished, the building comprises 1,960 square metres (21,100 square feet) over six levels.
“We are very pleased to have found an opportunity to enter London’s West End office market with a high-quality asset and a first-rate tenant in a true-core location – all of which we believe guarantee the long-term value of the asset," said HECF’s fund manager Andreas Schreurs.
HECF is a Euro-denominated, Luxembourg-regulated Fonds de Commun de Placement (FCP), managed by Hines, with the objective to acquire a geographically diverse portfolio of core buildings with commercial uses across Europe.
In the UK, Hines has a total of 260,225 square metres (2.8 million square feet) of projects completed and in the pipeline.
Current projects include landmark development and investments such as: Fort Halstead in Kent; Hyde Park Hayes near Heathrow; the Scottish Power site in Edinburgh; and in London, the Cannon Place redevelopment; Chichester House; No 1 Grafton Street; and Gartmore House.
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The Hines portfolio of projects underway, completed, acquired and managed for third parties includes more than 1,000 properties representing approximately 38.6 million square metres (416 million square feet) of office, residential, mixed-use, industrial, hotel, medical, retail and sports facilities, as well as large, master-planned communities and land developments.
With offices in 68 U.S. cities and 15 foreign countries, and controlled assets valued at approximately $19.9 billion, Hines is one of the largest real estate organizations in the world. Visit www.hines.com for more information.