(LONDON) – Hines, a global real estate investment, development, and property manager, is recognized again by the Global Real Estate Sustainability Benchmark – “GRESB” – signaling the exceptional performance of Hines’ European investment platforms when evaluated by ESG data.
Hines European Core Fund (HECF) achieved the highest possible rating of 5/5 green stars with an overall score of 93/100, ranking first in its peer group of 121 European core and tenant-controlled portfolios for the seventh consecutive year, underscoring its consistent strategy, solutions and tireless efforts for the net-zero transition.
Hines European Value Fund 2 (HEVF 2) is awarded five stars and an increased score from 94 to 100/100. This score places HEVF 2 first once again in its peer group of 65 for European, non-listed, value-add, closed-ended vehicles.
HEVF 2 is the vehicle behind the acquisition and sustainable transformation of Hines’ new European headquarters building called Grainhouse in Covent Garden, London. Hines believes Grainhouse represents one of the world’s best examples of pure vertically integrated real estate investment, development, management and occupation, with the delivery of a next generation office building that has world-class ESG credentials.
Hines’ high street retail account with German pension scheme group BVK (Bayerische Versorgungskammer), is awarded five stars and an increased score from 91 to 92/100, placing it third in the peer group of European, core, tenant-controlled and diversified office and retail portfolios.
Cherrywood in Dublin, Ireland, once again was awarded five green stars out of five for a fourth year in a row, topping its peer group once again with a total 2023 GRESB score of 99 out of 100. The project won five awards in total, ranking first out of 15 for mixed use in Europe, first for mixed use, non-listed in Northern Europe, and first for mixed use, non-listed, opportunistic. The Cherrywood Town Centre residential led mixed-use development is made up of 1,268 apartments with associated retail, food and beverage and car parking which is developed by Hines and APG Asset Management. The development is one of the most sustainable urban developments in Europe, as demonstrated by these results.
Alex Knapp, CIO, Hines Europe, commented: “The strategy for Hines’ European flagship funds is to pursue market-leading credentials and to manifest that approach in the substance and detail of every investment that we complete. For Hines European Core Fund to be the leader in its peer group for the seventh consecutive year demonstrate Hines’ consistent, science-based and cultural commitment to ESG in a competitive investment market where investors and global stakeholders place a premium on strong ESG performance. The highest possible score for Hines European Value Fund 2 underscores the market-leading sustainability credentials of our value-add investment strategies, exemplified by our new world-class European HQ building – Grainhouse – a beautifully restored collection of heritage buildings that reduce operational carbon through a variety of measures. We are excited that HEVF 3 will build on the success of its predecessor, as it aims to become the firm’s largest value-add fund yet, by striving to set a new benchmark of aspiration for ESG performance.”
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About Hines
Hines is a global real estate investment, development and property manager. The firm was founded by Gerald D. Hines in 1957 and now operates in 30 countries. We manage nearly €87.1B¹ in high-performing assets across residential, logistics, retail, office, and mixed-use strategies. Our local teams serve 790 properties totaling nearly 25 million square meters globally. We are committed to a net zero carbon target by 2040 without buying offsets. To learn more about Hines, visit www.hines.com and follow @Hines on social media.
¹Includes both the global Hines organization and RIA AUM as of June 30, 2023.
About GRESB
GRESB is a mission-driven and industry-led organisation providing standardized and validated Environmental, Social and Governance (ESG) data to financial markets. Established in 2009, GRESB has become the leading ESG benchmark for real estate and infrastructure investments across the world, used by institutional and financial investors to inform decision-making. GRESB data is used by hundreds of capital providers and thousands of asset managers to benchmark investments across portfolios and to better understand the opportunities, risks and choices that need to be made as the industry transitions to a more sustainable future.
For more information, visit GRESB.com