Intelligent Real Estate Investments - Hines

Hines Acquires Prime Mixed-Use Asset in Dublin for Pan-European Core Fund

(LONDON) – Hines, the international real estate firm, has completed the acquisition of Chatham & King, a mixed-use asset in Dublin, on behalf of the Hines Pan-European Core Fund (HECF). The seller is an affiliate of Lone Star Real Estate Fund III.

Located adjacent to Grafton Street and St. Stephens Green in the heart of the city center, the asset represents HECF’s second acquisition in Dublin following the acquisition of the Grafton Collection portfolio in 2016 and 2017. With the addition of this asset, the HECF portfolio consists of 18 properties in eight different European countries with a current aggregate value in excess of €1.1bn.

The acquisition of Chatham & King incorporates an existing mixed-use building with retail units comprising 33,500 square feet occupied by Zara, H&M and Warehouse, and data analytics management firm Qualtrics, occupying the 31,000-square-foot office space above as its European headquarters.

Included in the sale is the Chatham Court building, the second phase of the asset to be developed by Lone Star and delivered in the next 24 months. It will include five retail units totaling 15,597 square feet and ranging from 495 square feet to 12,680 square feet, providing best-in-class retail and food and beverage space. Qualtrics has also agreed to pre-let 26,000 square feet in that building.

Peter Epping, senior managing director and fund manager of HECF, said, “As one of Europe’s most attractive growth cities, Dublin is an important market for HECF and with its prime qualities for both its office and retail use, Chatham & King represents a perfect opportunity to own an asset in this key market.”

Brian Moran, senior managing director and country head for Hines Ireland, said, “Hines is delighted to close the Chatham & King acquisition, a marquee mixed-use property at the center of Dublin’s most fashionable shopping, restaurant and commercial district. We have acquired both a strongly performing asset along with a new phase of additional retail and office which will come online in 2020.”

Lars Huber, CEO of Hines Europe, added, “Over the past year we have been working to further strengthen our position in established and emerging European markets. In the last 24 months, including Chatham & King, we have invested roughly €470 million in prime city center assets through HECF, and we will continue to pursue further strategic acquisition opportunities.”

Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 201 cities in 24 countries. Hines has approximately $111 billion of assets under management, including $60 billion for which Hines provides fiduciary investment management services, and $51 billion for which Hines provides third-party property-level services. The firm has 108 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,295 properties, totaling over 422 million square feet. The firm’s current property and asset management portfolio includes 506 properties, representing over 210 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.