(LONDON) – Henderson Park, the European real estate investment platform, and Hines, the international real estate firm, announce that they have acquired a 71,000-square-meter site in Athens, Greece, for the development of a residential-for-sale complex. The site is zoned for residential development and was acquired off-market from the Benaki Museum.
The freehold site is located in the affluent residential suburb of Voula, south of Athens’ historical city center. Once complete, the new master-planned community will comprise over 400 residential units with shared amenities, private gardens, pools and security. Henderson Park and Hines intend to deliver the project in phases over the next four years.
With the majority of Athens’ residential stock more than 30 years old, and limited new development over the past decade, there is clear pent-up demand for quality product. Voula has proven a particularly desirable location amongst both local and international buyers thanks to its proximity to the Athens waterfront and the Greek capital’s major points of interest.
This transaction is the third Greek joint venture between Henderson Park and Hines, having previously acquired the five-star Grand Hyatt hotel in Athens and a portfolio of resort hotels on the island of Crete together. The companies have also combined their residential development expertise in other European countries with investments to develop 1,730 student beds across Spain and the UK, in addition to significant experience of investing in residential asset classes individually.
Nick Weber, Founding Partner of Henderson Park, said: “With this transaction we have been able to extend our commitment to the Greek market while gaining control of a high-potential residential development project in one of Athens’ most sought-after prime locations and at an attractive entry basis. With limited comparable product on offer and strong identified demand, we’re confident that our premium offering in the desirable suburb of Voula will draw interest from both local and international buyers. We are pleased to be working with Hines again on this latest project using our combined global experience and local knowledge to create value.”
Paul Gomopoulos, Hines Senior Managing Director and country head for Greece said: “The site’s location in Voula, one of Athens’ most desirable districts, and its proximity to the waterfront, provides a unique opportunity for premium residential. We will draw on our international expertise in residential development to deliver a high-quality product to international standards, one that will serve as an excellent example of Hines’ capability as we grow our residential platform in Greece and in the Living sector across Europe. Our latest investment with Henderson Park underlines the strength of our partnership in Greece and across Europe.”
Finance for the transaction was provided by Alpha Bank. Hines and Henderson Park were advised by Lambadarios Law Firm.
About Henderson Park
Henderson Park is a pan-European private equity real estate manager based in London. The firm has invested approximately $10 billion in building a portfolio of iconic real estate assets across Europe, with exposure to the gateway and capital cities of the United Kingdom, France, Spain, Germany, Ireland, Greece and Poland. Henderson Park seeks high-quality assets in prime locations where it can identify potential to unlock or create value through asset management, or by taking on and working through complex situations. The firm’s current portfolio spans 15 million sq ft and is diversified across the office, logistics, multifamily, student housing, hotel and retail sectors, including a number of active development projects. Henderson Park strives to work with and create long-term strategic relationships with best in class local partners. Henderson Park is led by Nick Weber, its Founding Partner and CEO.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 205 cities in 24 countries. Hines has approximately $133.3 billion of assets under management, including $71 billion for which Hines serves as investment manager, including non-real estate assets, and $62.3 billion for which Hines provides third-party property-level services. The firm has 165 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,393 properties, totaling over 459 million square feet. The firm’s current property and asset management portfolio includes 539 properties, representing over 232 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world.