Hines Completes Forward Purchase of Edinburgh Office… - Hines

Hines Completes Forward Purchase of Edinburgh Office Development

(LONDON) Hines, the international real estate firm, has agreed to forward purchase a prime 60,000-square-foot office building in the heart of Edinburgh on behalf of its Pan-European Core Fund (HECF).

The Mint Building, located on St Andrew Square in the city’s vibrant and rapidly evolving East End district, will be completed in early 2019 and is already pre-leased on a 15-year lease. The building has been acquired from Edinburgh-based property development and investment company, Chris Stewart Group.

The Hoskins Architects-designed building provides Class A office space across seven levels, with the upper floors offering panoramic views of the city. The ground floor comprises three retail units, two of which have already been leased by modern Chinese cuisine Tattu opening its fourth UK restaurant in the building, alongside the expanding pizzeria concept, Franco Manca.

Jake Walsh, Hines UK director, said, “This development provides us with an excellent opportunity to grow our portfolio of office and retail properties in Scotland. Edinburgh is one of the fastest growing cities in the UK and has the strongest economy outside London. The quality of the asset and its prime location meet our exacting investment criteria, and we look forward to the building’s completion and full occupation early next year.”

Peter Epping, senior managing director and HECF Fund Manager said, “The Mint is an exceptional building with best-in-class specifications, located in the heart of Edinburgh’s CBD. The long WAULT and the perfect tenant mix fit perfectly with HECF’s current portfolio. We will continue to pursue further strategic acquisition opportunities with such strong fundamentals.”

Chris Stewart, CEO of Chris Stewart Group (CSG) added, “The deal with Hines and its European Core Fund is a ringing endorsement of the quality and design of The Mint Building, alongside our approach to urban development. It puts the building on a par with the best in Europe, attracting top tier investment and for Edinburgh and Scotland it justifies the outward looking and ambitious development strategy we continue to pursue.”

The asset represents HECF’s fourth acquisition in the last 12 months, following new investments completed in Dublin, Amsterdam and Copenhagen. The portfolio of the Fund, which was 99.6 percent occupied as of Q1 2018, is currently invested in eight different European countries with a current aggregate value close to €1.2bn.

Hines UK has advised on more than four million square feet of projects acquired, completed or in the pipeline in the UK with a total UK portfolio under management valued at in excess of £2 billion. The company’s portfolio includes a range of assets under management in London and key regional cities including Manchester, Birmingham, Edinburgh and Glasgow.

About Hines

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.

About Chris Stewart Group

  1. The Chris Stewart Group is a real estate development and investment business, and operator, based in Edinburgh. Its current portfolio includes interests across residential, office, hotel and leisure property.
  2. The company’s expertise is for complex, transformational urban developments
  3. Set up in 1996, by Chris Stewart, Chris Stewart Group remains an independent, privately owned business. It currently employs around 200 across its properties.
  4. All media enquiries, please call Natalie Davidson or Elizabeth Lambley, 0131 554 1230
  5. www.chrisstewartgroup.com

Contact Hines

Headquarters

Global Headquarters

2800 Post Oak Blvd.
Houston, TX 77056-6188
United States
1 713 621 8000
Contact Hines

European Headquarters

5 Welbeck St.
London W1G 9YQ
United Kingdom
44 20 7292 1900

Asia Pacific Headquarters

1 Connaught Road, 28F
Central, Hong Kong
China
852 3651 6198

Regional Offices

U.S. East Region

345 Hudson Street
12th Floor
New York, NY 10014
United States
1 212 230 2300

U.S. Midwest Region

444 West Lake Street
Suite 2400
Chicago, IL 60606
United States
1 312 419 4900

U.S. Southeast Region

5 Ravinia Dr NE
Atlanta, GA 30346
United States
1 770 206 5300

U.S. Southwest Region

609 Main St.
Suite 2400
Houston, TX 77002
United States
1 713 237 5600

U.S. West Region

101 California Street
Suite 1000
San Francisco, CA 94111
United States
1 415 982 6200

Asia Pacific Region

1 Connaught Road, 28F
Central, Hong Kong
China
852 3651 6198

Eurasia Region

Gasheka Street 6
Ste. 820
Moscow 125047
Russia
7 495 785 05 00

European Region

5 Welbeck St.
London W1G 9YQ
United Kingdom
44 20 7292 1900

International Offices

Australia

20 Hunter St
Level 10
Sydney, NSW 2000
Australia
61 2 9232 3137

Brazil

Av. das Nações Unidas, 12901
Torre Norte - 6 ° andar
São Paulo 04578-910
Brazil
55 11 5504 7600

Canada

200 King Street West
Suite 1805
Toronto, ON M5H 3T4
Canada
416 595 1949

China

Suite 1000, One Museum Place
669 Xin Zha Road, Jing An District
Shanghai, PRC 200041
China
86 21 6087 2200

France

66 Avenue Charles de Gaulle
Neuilly-sur-Seine, IDF 92522
France
33 1 41 45 80 80

Germany

Hines Immobilien GmbH
Joachimsthaler Str. 1
D - 10623 Berlin
Germany
49 30 726241 100

Greece

Voukourestiou 19
Athens 106 71
Greece
30 210 364 7895

India

One Horizon Center
12th Floor
Gurgaon, Haryana 122002
India
91 124 480 2222

Ireland

Block 2, First Floor
Clanwilliam House, Clanwilliam Place
Dublin 2
Ireland
353 1 7999900

Italy

Via Broletto, 35
Milan 20121
Italy
0039 02 8962921

Italy.info@hines.com

Japan

4F Akasaka K Tower
1-2-7 Motoakasaka, Minato-ku
Tokyo 107-0051
Japan
81 3 6890 3205

Luxembourg

35 F, John F. Kennedy
Luxembourg L-1855

352 264 337 1

Mexico

Torre del Angel
Reforma 350
Mexico D.F. 06600
Mexico
52 55 52428809

The Netherlands

Rokin 69D
Amsterdam 1012 KL
Netherlands
31 208 960 510

Nordic Countries

Forbindelsesvej 4
2100 Copenhagen O
Denmark
44 7815 285 191

Panama

Torre B Piso 15
Torre de las Americas
Punta Pacifica, Panama City
Panama
507 028 20 7375

Poland

Prosta Street 68
Warsaw 00-838
Poland
48 22 351 2400

Russia

Gasheka Street 6
Ste. 820
Moscow 125047
Russia
7 495 785 05 00

Spain

Paseo de la Castella 110 - 2º B
Madrid 28046
Spain
34 91 703 00 23

South Korea

Three IFC, Level 43
10, Gukjegeumyung-ro, Yeongdeungpo-gu
Seoul 07326
Republic of Korea
82 2 6138 4401

United Kingdom

5 Welbeck St.
London W1G 9YQ
United Kingdom
44 20 7292 1900