PRESS RELEASES

Hines Forms New Subsidiary 'Hines Air Property' To Pursue Development In The United Kingdom

2/8/2000

Hines, the international real estate firm, recently announced the formation of Hines Air Property, a new subsidiary to pursue development opportunities in the United Kingdom. The new company will initially focus on developing properties near London's Heathrow and Gatwick airports. Potential projects will include airport office parks, air cargo distribution facilities and logistical facilities serving the aviation industry near airports around the United Kingdom.

"Demand for developments adjacent to airports has continued to grow at rates well in excess of overall economic growth," said Hines Executive Vice President and European Managing Director Michael Topham.

Heading this effort for Hines are two British real estate executives who have recently joined the firm. Simon O'Donnell, who has 25 years of experience in UK real estate, will lead the effort as Managing Director of Hines Air Property. Joining him will be Director Nick Cummings, a 12-year veteran of the UK real estate industry. The Hines Air Property office is located in Hines' London office at 1 Hans Street, SW1X OJD.

Hines entered the European real estate market in 1991. Since that time, Hines has completed three major office and mixed-use complexes in Berlin; a 55-story office tower in Frankfurt; 250 single-family homes in Prague and suburban Paris; and a major office and hotel renovation in Paris. The firm is currently developing a 40-story, 700,000-square-foot office tower and a 230,000-square-foot suburban office project in France; a major residential community in Moscow; a new 380,000-square-foot office building in Warsaw and a four million-square-foot mixed-use project in Barcelona. In addition, Hines has recently acquired and will renovate a 170,000-square-foot office project in Milan. Hines has developed, is constructing, and manages approximately 14 million square feet of real estate outside the United States, nine million of which is in Europe.

Hines is a privately-owned real estate firm involved in developing, managing, leasing and acquiring real estate as well as providing a wide range of advisory services. Hines' U.S. headquarters is located in Houston, Texas, and its European headquarters is in London. The Hines portfolio currently includes more than 600 properties representing 195 million square feet of office, mixed-use, industrial, retail and residential properties, as well as large, master-planned communities and land developments. With offices in 71 U.S. Cities and 12 foreign countries, and assets in excess of $9 billion, Hines is one of the largest real estate organizations in the world. Access www.Hines.com for more information.