(HONG KONG) – Hines, the international real estate firm, announced today an expansion of the firm’s presence in Japan and South Korea. Drew Huffman, Managing Director and 10-year veteran at Hines, will oversee the new business initiatives in the two countries. Joining the local team are Hyungsub Lee, a director in the Seoul office, and Sho Morita, an associate in the Tokyo office, both of whom are new to the firm. More local hiring is underway in both countries with additional acquisition and development personnel expected to join in 2021.
Since opening the Seoul and Tokyo offices in 2013 and 2017 respectively, Hines has recently increased its headcount to seven in the two countries. The team is expected to nearly double by year-end as the offices increase their focus on development and acquisitions in their respective economies.
Huffman joined Hines in 2011 and relocated to Tokyo from Hong Kong in early 2020. Since joining the firm, he has been a key member responsible for the acquisition and disposition of more than 30 assets exceeding 8 million square feet. Lee, former Head of Transactions with DWS Korea, joined Hines in 2021 and brings more than 12 years of Korean real estate experience with him. Morita joined Hines in 2020 after more than eight years with Hulic, one of Japan’s largest real estate companies.
Hines first entered the Asia Pacific Region in China in 1996 and has expanded throughout 15 cities across Australia, China, Hong Kong, India, Japan, Korea and Singapore, with $4.2 billion of assets under management. The firm now employs nearly 200 people in the region.
“Hines is enthusiastic about the Japan and Korean real estate investment markets and is optimistic about our robust pipeline and some early traction we have,” said Huffman. “We have had a long-term commitment to the Asia Pacific region since our entry 25 years ago and are excited about growing our business here for years to come.”
This expansion further demonstrates the firm’s commitment to become vertically integrated throughout Asia by elevating the investment management platform and capitalizing on opportunities in the region. Hines already has projects underway in Dongguan, China and Melbourne, Australia, and looks forward to adding development and acquisition projects in Japan and Korea. In the current economic outlook, investors are increasing their focus and allocations toward Asia. With strong underlying economic growth, the risk-adjusted returns present Hines and their investors with compelling opportunities.
“The growth of these two key regional offices will be a major advantage in ensuring that we continue to capitalize on new opportunities and increase our business here,” commented Ray Lawler, CEO of Asia Pacific Region at Hines. “We are excited to further our reach across the Asia Pacific region and grow our real estate footprint and investor outreach.”
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 225 cities in 25 countries. Hines has approximately $144.1 billion¹ of assets under management, including $75.5 billion for which Hines serves as investment manager, including non-real estate assets, and $68.6 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 1,426 properties, totaling over 472 million square feet. The firm’s current property and asset management portfolio includes 576 properties, representing over 246 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. ¹AUM includes both the global Hines organization as well as RIA AUM.