(LONDON) – Hines, the international real estate firm, has acquired 354–358 Oxford Street—a prime asset located above the Bond Street Underground station entrance on the north side of Oxford Street and in the heart of London’s West End—on behalf of the Hines European Value Fund (HEVF).
Hines’ UK team advised HEVF on the acquisition of 354-358 Oxford Street which was sold by Transport for London, and is notably HEVF’s fifth acquisition in the last 12 months.
Hines will deliver best-in-class retail space across the basement, ground and first floors. The detached nature of the building offers excellent prominence for the 25 meters of frontage in what is a prime Oxford Street location, directly opposite the main Bond Street Tube station exits. Above the retail element, Hines will create high-quality residential accommodation across the four upper floors.
The residential areas will be configured into 11 units of one to three-bedroom apartments with an entrance to the scheme via Marylebone Lane. Fletcher Priest has been selected as the lead architect for this dynamic mixed-use project.
The new Bond Street station entrance and the opening of the Elizabeth Line will improve connectivity and be attractive for both the consumers visiting the asset’s forthcoming retail areas and its future residents.
The upgrade of Bond Street Tube station, which included the opening of the new entrance and ticket hall on the north side of Oxford Street, provides step-free access for the first time at the station and enables shoppers, workers and visitors to the capital to enjoy quicker, easier and more comfortable journeys due to increased capacity.
Jake Walsh, Director of Hines UK, said, “Securing one of the most sought-after prime locations in the West End of London represents a milestone transaction for Hines, demonstrating our capability to source and convert the most attractive opportunities in an incredibly competitive market. We look forward to delivering a prestigious scheme in keeping with its location.”
Paul White, HEVF fund manager, remarked, “The acquisition of 354-358 Oxford Street is another example of HEVF’s commitment to focus only on the best micro-locations within its target markets. The mixed-use components of this new project offer the fund strong downside protection during uncertain macroeconomic times. HEVF is thrilled to acquire its first asset in London, and looks forward to acquiring additional compelling value add assets in the city in the near future.”
Graeme Craig, Director of Commercial Development at TfL, said, “We are delighted to have concluded this transaction at a prime West End location, which will provide a significant return to reinvest in the transport network. Our investment strategy will continue to see us undertaking a small number of targeted disposals whilst we concentrate our own development activity on Build to Rent in outer London to generate ongoing revenue as well enabling us to provide high levels of affordable housing.”
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 207 cities in 24 countries. Hines has approximately $116.4 billion of assets under management, including $64 billion for which Hines provides fiduciary investment management services, and $52.4 billion for which Hines provides third-party property-level services. The firm has 109 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,319 properties, totaling over 431 million square feet. The firm’s current property and asset management portfolio includes 527 properties, representing over 224 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. Visit www.hines.com for more information.
About Hines European Value Fund
HEVF is a Euro-denominated, Luxembourg-based investment fund launched in July 2017. Managed by Hines, its objective is to acquire a portfolio of core-plus and value add commercial real estate throughout Europe on behalf of an institutional investor group.
In September this year Hines announced the final closing of HEVF, with the total fund size exceeding €720 million of equity commitments, surpassing its original target by more than 40 percent. As the flagship value add fund for Hines in Europe, HEVF has a geographic mandate across the European Union (plus Norway) and flexibility of scope to invest in office, retail, logistics, residential and mixed-use opportunities in primary institutional markets.