Border to Coast Pension Partnership, the UK local authority pension scheme, has committed €80 million to Hynes’ latest European value-add property fund, successfully securing €1.6 billion at closing.
Hines announced late last month that it had raised more than €1.6 billion for Hines Europe Real Estate Partners III (HEREP III), exceeding its €1.5 billion target.
The global real estate manager said the HEREP III fund, which is primarily backed by pension funds and insurance companies, had committed more than €300 million of capital at the time.
Hines has now announced that Border to Coast has joined HEREP III as an investor.
Launched in mid-2022, the fund invests equities to build an initial portfolio of four assets in three markets, primarily student accommodation, distribution logistics and sustainable investment in prime locations. The company is targeting available office space and plans to continue investing until mid-2026. said the manager.
Paul Campbell, Property Portfolio Manager at Border to Coast, said:
“Partnering with Hines, a real estate specialist investment manager with strong ESG credentials, will enable us to contribute to our partner funds.”
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