Hines and HSBC Alternative Investments Acquire Majority Interest in Prominent Dublin Shopping Center

(DUBLIN) – Hines, the international real estate firm, announced today that in a joint venture with HSBC Alternative Investments Limited (HAIL) it has acquired Aviva’s 72.8 percent interest in the Liffey Valley regional shopping centre in Dublin. The other 27.2 percent is owned by Grosvenor Britain & Ireland, who will remain a co-owner in the property.

Hines will assume the role of asset manager and is known for establishing new benchmarks in design and innovation in successful retail projects having developed signature shopping centers such as the Gallerias in Houston and Dallas, Diagonal Mar in Barcelona, Outlet Village Belaya Dacha in Moscow, and most recently, Hofstatt in Munich.

Hines has also recently acquired retail centers around the U.S. and Russia.

Liffey Valley is one Dublin’s major shopping centers and has a total floor area of 46,500 sqm (500,000 sq ft). The center is anchored by Marks & Spencer, Next, Dunnes Stores and Boots. In addition to the four anchors there are 63 stores, (including the newly opened Bershka and Apple re-seller iConnect) four restaurants, a 14-screen - 2,500-seat cinema and a dedicated food court with fast food restaurants and cafés. There are 3,150 free car spaces with unrivaled access off the M50 motorway.

For a complete list of amenities, visit www.liffeyvalley.ie.

Brian Moran, managing director of Hines Ireland said, “We look forward to working with HAIL and Grosvenor and the current and new tenants on the next stage of development of the best strategically located retail destination in the city. We believe that it is a good time to invest in major retail assets in Ireland and have a number of very exciting plans to expand and enhance this shopping destination over the coming years.”

Paul Forshaw, Head of Real Estate Fund Management at HSBC Alternative Investments Limited, said, “This is the latest transaction by HAIL’s Club Programme which provides clients of HSBC with access to otherwise inaccessible high quality real estate opportunities around the world. The Liffey Valley shopping centre is a landmark asset with considerable upside potential thanks to an improving Irish commercial real estate sector, strong tenant demand and significant development opportunities.”

Richard Powell, executive director, Grosvenor Britain & Ireland, said,

"Grosvenor has a long association with Liffey Valley Shopping Centre having been involved since it was first developed and opened in 1998. We are committed to the next phase of the Centre's evolution and are looking forward to working with HAIL and Hines to bring it to fruition."

Paul McDonnell, Head of Property Finance, Bank of Ireland Corporate Banking stated, ''We are delighted to support Hines and HAIL in this important acquisition. Liffey Valley Shopping Centre represents a significant transaction in the Irish property market and highlights the continuing recovery of the sector and the wider economy. We look forward to supporting growth in the sector and we remain committed to leading the way in supporting domestic and international investment in the property market.''

Aviva Investors has been retained and appointed to act as transitional asset manager and was represented by DTZ. HAIL and Hines were advised by both HWBC, Dublin and Savills, London.

About Hines

Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,283 properties representing more than 516 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments.

Currently, Hines manages 378 properties totaling 151.9 million square feet, which includes 84.3 million square feet for third parties.

With offices in 111 cities in 18 countries, and controlled assets valued at approximately $25.2 billion, Hines is one of the largest real estate organizations in the world. Hines is also a world leader in sustainable real estate strategies, with extensive experience in LEED®, ENERGY STAR®, BREEAM, Haute Qualité Environnementale and DGNB green building rating systems.

Visit www.hines.com for more information.

About HSBC Alternative Investments Limited

HSBC Alternative Investments Ltd (“HAIL”) provides a broad range of hedge fund, private equity and real estate investment services to clients from around the world. It also acts as Investment Advisor to a number of real estate products managed by HSBC Management (Guernsey) Limited.

Operating since 1989, HSBC’s alternative investment business today manages and advises on more than US$28bn of client assets.

HAIL is a limited company registered in England and Wales and authorized and regulated by the Financial Conduct Authority.

About Grosvenor Britain & Ireland

Grosvenor Britain & Ireland aims to create value through its skills in place-making and design, repositioning locations in ways that change customer perceptions and deliver results for our stakeholders. The core portfolio comprises 300 acres of Mayfair and Belgravia in London, which first came into the Grosvenor family in 1677. Ownership and active management of its London estate remains at the heart of Grosvenor Britain & Ireland’s strategy. Investment assets comprise the largest part of its portfolio. Grosvenor Britain & Ireland also undertakes development across London, and in selected city centres. As at 31 December 2012, Grosvenor Britain & Ireland had assets under management of £4.8bn.

About Aviva Investors

Aviva Investors is the global asset management business of Aviva plc. The business delivers investment management solutions, services and client-driven performance to clients worldwide. Aviva Investors operates in 15 countries in Asia Pacific, Europe, North America and the United Kingdom with assets under management of £246 billion at 30 September 2013.


Liffey Valley