Abu Dhabi
Hill Internationalhas been awarded a contract by Sorouh Real Estate PJSC, one of Abu Dhabi’s leading real estate companies, to provide project management services for six buildings that will be constructed at the Shams Abu Dhabi development. The four-year contract has a value to Hill of $35.0 million.
Construction of the six mixed-use towers is expected to cost approximately $1.6 billion and be completed by May 2012. The six towers, called Gateway Towers, will have a total built-up area of 11.8 million sf. In addition to these projects, Hill is providing overall program management services to Sorouh during design and construction of the entire Shams Abu Dhabi development which includes residential, office, hotel, retail, entertainment and parking facilities, including Sky Tower, a 74-story residential and commercial skyscraper, which will be the tallest building in Abu Dhabi upon its completion. In addition, Hill is providing project management services for Tameer Towers, a mixed-use waterfront development located within Shams Abu Dhabi.
“Sorouh is proud to partner with companies that adhere to our own commitment to professionalism, international best practices, and creativity. Hill International reflects these innovative and dynamic attributes and I look forward to working closely with our partners on this exciting development,” said Mounir D. Haidar, Chief Executive Officer of Sorouh.
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Hines in Brazil
SÃO PAULO, BRAZIL – The São Paulo office of Hines, the international real estate firm, announced today the implementation of a nationwide investment program to acquire or develop strategically located logistics parks on major highway intersections in various Brazilian cities to serve the needs of logistics and transportation clients. Currently, the firm has five logistics parks underway or completed in Louveira, Araucaria, Rio, Embu and Manaus. Hines plans to develop an additional 14 parks over the course of the next three years.
Hines also announced that it has broken ground on Louveira Swans Industrial Park and Cajamar Distribution Park, two speculative modular warehousing projects in Louveira, a suburb of São Paulo.
The one-story, 1,048,243-sf Louveira Swans Industrial Park, which is situated on a 2,378,824-sf site, will be an expansion of the existing Louveira Distribution Park. The project will be constructed in three phases and is slated for completion in December 2009.
Cajamar Distribution Park will contain 1,188,852 square feet in one level. The property is situated on a 3,415,012-sf site strategically located on the Anhanguera Highway, near the São Paulo Ring Road, a highway system that surrounds the city’s perimeter. The project will be constructed in two phases and has a December 2009 completion date.
Funding for the projects will be provided by Hines and the California Public Employees’ Retirement System (CalPERS), through their Hines CalPERS Brazil Fund II (HCB II). The HCB II Fund is an investment vehicle organized by Hines and to invest primarily in Brazil’s office, industrial and residential markets, with the option of extending its reach to Argentina and Chile.
Situs Opens in Berlin
BERLIN – Officials of The Situs Companies have announced the global commercial real estate advisory firm has expanded its geographic reach and range of service offerings in Europe with the recent opening of its Berlin office.
In addition to the firm’s established array of due diligence and loan underwriting services, which Situs has heretofore offered through its London office, the firm will now deliver real estate-related financial services to institutional investors, hedge funds, private-equity groups and high-net-worth individuals looking to expand or modify their commercial real estate investments across Europe.
Situs will also now offer surveillance reporting and other asset management services to existing holders of commercial real estate properties or portfolios, who may wish to reassess their investment positions as market conditions continue to evolve.
While these service offerings may be relatively new to the European real estate community, the firm has previous experience successfully implementing such services in the United States. It will leverage this experience with established European real estate professionals, whose diverse backgrounds include real estate finance, banking, accounting, valuation, brokerage and many others. According to Situs CEO Ralph Howard, the European markets are now ripe for such service offerings.
“As real estate markets across Europe continue to grow and develop, the need for increased asset management, financial services and greater transparency will become more and more apparent,” he said. “Situs is uniquely positioned to meet this need in a number of ways,” he added.
Privately held, The Situs Companies (www.situscompanies.com) employs more than 300 real estate professionals throughout the U.S., Europe and Asia to deliver commercial real estate services and business solutions to leading investment banks, institutional investors, private owners and various other commercial real estate debt and equity participants. In Europe, Situs has completed real estate and financial due diligence assignments in Germany, the United Kingdom, France, Spain, the Netherlands, Belgium, Luxembourg, Switzerland, Austria, Poland, the Czech Republic, Finland and Sweden. The company also completed projects in Dubai, Qatar, India, China, Korea, Mexico, Panama and the United States.
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Brits Buying Vacation Homes in U.S.
British citizens are invading the American real estate market, buying vacation homes that offer excellent value to foreign buyers with British pounds in their wallets.
The international buyer is snatching up a second home in the U.S. primarily for vacation purposes, although making a sound real estate investment is also important, according the National Association of Realtors’ 2007 Profile of International Home Buying Activity.
With the British pound now worth around $2, the realty bargains available to people from the United Kingdom are quite attractive, said Elisabeth Miller-Fox, president of PrivateCommunities.com, a Vero Beach, Fla-based firm.
“The influx of British buyers has been significant. In their eyes, real estate in the U.S. is an incredible deal,” Miller-Fox said. “Interestingly, the British press has been picking up on the story and momentum is building.”
A recent news article in the British “Sunday Express” newspaper said: “For home hungry Brits looking for that dream pad across the pond, now is the time to buy.” The article is one of several such stories in the British media recently.
“The British news reports pour fuel on the fire of this buying trend,” Miller-Fox said.
European buyers accounted for 33 percent of the foreign buying activity in the U.S. over the last year, more than any other continent, according to the National Association of Realtors’ research.
Florida is the top spot for the British buyers. Nearly half of the buyers from the United Kingdom purchased homes in Florida – more than any other state, the NAR survey said. Florida’s sunny weather and the direct flights from the United Kingdom to Orlando and Miami seem to be the key reasons for its dominance.
Many of the foreign buyers have been selecting homes in gated communities, said Miller-Fox of PrivateCommunities.com. “Purchasing a second home in a gated community makes sense for overseas buyers. It allows them to relax, knowing that the security and maintenance is being taken care of.”
One of the popular real estate web sites, PrivateCommunities.com provides information on gated communities, golf course properties, destination clubs, new urbanism communities and listings of luxury golf homes for sale. The Vero Beach, Fla. firm was founded in 1996.
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Paris Purchase
The London office of Hines, the international real estate firm, announced today that the Hines Pan-European Core Fund (HECF) has acquired from Tishman Speyer, Eurosquare 1, an office building in St. Ouen, Paris, located on the northern part of the Paris ring road. The building is fully leased to a wholly owned subsidiary of Gaz de France until 2013.
Completed in 2003, Eurosquare 1 comprises 165,920 sf of office space distributed over seven floors above grade. It is located on Boulevard Victor Hugo, the main artery of the growing business district of St. Ouen, which is also home to large operations of L’Oréal, Danone, Nokia, Sony, BNP Parisbas, etc.
HECF is a Euro-denominated, Luxembourg-regulated Fonds de Commun de Placement (FCP) managed by Hines, with the objective to acquire a geographically diverse portfolio of core buildings with commercial uses across Europe.
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Warehouse Deal in Brazil
The Rio de Janeiro office of Hines, the international real estate firm, announced today the acquisition of Cargo Center Dutra II (CCDII), a four-building distribution facility within a 30-acre logistics park in suburban Rio de Janeiro, minutes from Rio’s International Airport and in close proximity to the city’s main arterial highways including Linha Vermelha, Avenida Brasil and Avenida Washington Luiz.
The property was purchased from Parso Participações Societárias Ltda., an entity affiliated with GB Armazens Gerais, a local industrial developer that also developed the property, by a joint venture between Hines CalPERS Brazil II (HCB II) fund and Hines Real Estate Investment Trust, Inc. (Hines REIT). Hines represented HCB II and Hines REIT in the transaction. Hines is the sponsor of Hines REIT, and is responsible for the management and leasing of its assets.
Designed by architect Gilberto Buffara, CCDII is comprised of four distinctive buildings totaling 693,000 rentable sf. The buildings were completed between 2001 and 2007 and have separate and secured entrances.
CCDII is 97 percent leased to multinational tenants including DHL and Unilever, as well as leading Brazilian logistics providers. It is considered a prime multi-tenant logistics facility in Rio de Janeiro due to its excellent location, above-market construction standard and efficient floor layouts.
“This acquisition marks the first Hines REIT acquisition outside of North America,” said Hines REIT President Charles Hazen. “We are bullish on Brazil, which is the 9th largest economy in the world and is expected to experience significant growth as its middle class continues to expand.”
Hines REIT is a Houston-based public real estate investment trust sponsored by Hines. Hines REIT commenced operations in November 2004 and primarily invests in institutional-quality office properties located in the United States.
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Hines Acquires Building in Brazil
The São Paulo office of Hines, the international real estate firm, announced that it has acquired the BankBoston building located in the Marginal Pinheiros submarket of São Paulo, Brazil. The property was purchased on behalf of the Hines Calpers Brazil II (HCB II) fund from Banco Itaú, which recently acquired BankBoston’s banking operations in Brazil. The asset was sold vacant, and Hines Brazil has already initiated leasing efforts.
Designed by the renowned architectural firm Skidmore, Owings & Merrill LLP and Brazilian architect Julio Neves, and completed in 2002, the 29-story, 409,000-square-foot (38,000-square-meter) building is largely considered an architectural landmark in São Paulo and also throughout Latin America. Its striking architectural elements include the use of curved glass around its landscaped garden, and a bold façade which features granite, modern glazing and stainless steel.
Hines entered the Brazilian real estate market in 1998. Since then the firm has developed more than 11 million square feet (1,086,000 square meters) of premier office, industrial and residential space in the country, and currently manages 9.5 million square feet (885,000 square meters) there. Hines has operations in six markets throughout Brazil, including São Paulo, Louveira and Embú (suburban São Paulo), Rio de Janeiro, Curitiba and Campinas.
The HCB II Fund is an investment vehicle organized by Hines and the California Public Employees’ Retirement System (CalPERS) to invest primarily in Brazil’s office, industrial and residential markets, with the option of extending its reach to Argentina and Chile.
CalPERS is the nation’s largest public pension fund with assets totaling $249 billion, of which $19 billion is invested in real estate. The System provides retirement and health benefits to more than one million state and public employees and their families. For further information on CalPERS, please visit the System’s Web site at www.calpers.ca.gov.
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The Hines portfolio of projects underway, completed, acquired and managed for third parties includes more than 950 properties representing approximately 380 million square feet of office, residential, mixed-use, industrial, hotel, medical, retail and sports facilities, as well as large, master-planned communities and land developments. With offices in 67 U.S. cities and 15 foreign countries, and controlled assets valued at approximately $16 billion, Hines is one of the largest real estate organizations in the world........................................................................................
Hines Acquires Chichester House in London
Hines' London office announced that it acquired Chichester House in London from Bishopswood Properties. Bishopswood Properties is a subsidiary of GE Real Estate . The property was purchased by Hines European Development Fund II (HEDF II), a Delaware Limited Partnership.
The eight-story, 70,000 sf office and retail building is located London’s High Holborn neighborhood, as well as in close proximity to tourist attractions including Covent Garden and the British Museum.
Hines UK Director Andrew Reynolds said, “This acquisition secures our commitment to acquire high potential investments in a strongly competitive London marketplace. We now look forward to working with our retained advisers to create a high-quality commercial development to fulfill the demand for high-end office space.”
Bishopswood Properties was advised in the sale by Orchard Street Management and Jones Lang LaSalle.
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Hines Sells Paris Property
Hines announced that it has sold InPost, located at 66-70 Avenue Charles de Gaulle in Neuilly-sur-Seine, Paris, to ING Real Estate Investment Management. ING is an international real estate company active in investment management, development and finance.
The six-story, 54,876-sqft office building is located on Avenue Charles de Gaulle, the major axis running from the Arc de Triomphe to the La Défense business district, where Hines developed the EDF Tower.
Hines has been retained by the new owner to continue in its role as development manager on the building’s renovation.
“I am delighted with this operation which, once it has been renovated, will provide an outstanding office building in Neuilly, reflecting Paris’ economic vitality,” said Olivier de Dampierre, president of Hines France.
The law firm of Lacourte Balas & Associés represented Hines in the transaction. ING as advised by the law firm of Leboeuf, Lamb, Greene & MacRae.
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Hines Acquires Gartmore House
LONDON- The London office of Hines announced the purchase of Gartmore House from private investors. The five-story, 93,708-sf office building is located above London’s Fenchurch Street mainline rail station, which is one of the city’s busiest commuter stations.
The project is now the fifth asset purchased within 12 months by Hines European Value Added Fund (HEVAF) and is fully leased to Gartmore Investment Management Plc, a global investment organization, until 2012.
Hines UK Director Andrew Reynolds said, “Gartmore House is located in a thriving business district within the City of London where demand for quality office space is increasing. We are keen to work with Gartmore to ensure its future requirements are met.”
“This acquisition signals our continued commitment to building the Hines name in Europe as a world-class investment manager,” said Hines Executive Vice President Michael Topham. “Having initiated and managed 21 funds worldwide since 1991, we continue to seek out top opportunities for our European fund initiatives targeting development, value added and core strategies.”
Hines entered the European market in Berlin in 1991. Since then, the firm has developed projects in: Barcelona, Berlin, Düsseldorf, Frankfurt, London, Madrid, Marbella, Moscow, Munich, Milan, Paris Prague, and Warsaw. The firm’s European portfolio consists of 40 projects totaling more than 12.1 million sf (1.1 million square meters).
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Singapore Investment Group
Buys Munich Building from Hines
MUNICH -- Hines has sold its 38-story Uptown München Tower, the tallest building in Bavaria. The buyer, GIC Real Estate, is the realty investment arm of the government of Singapore.
GIC Real Estate Pte Ltd (“GIC RE”) through its affiliates has acquired two newly completed prime office properties, 50 Georg-Brauchle-Ring (Uptown München Tower) and 56/58 Georg-Brauchle-Ring (campus building), in Munich, from Hines for over Euro 300 million.
The two separate office buildings are part of the Uptown München office campus that was developed by Hines and completed in 2005. The five-building campus encompasses the tower plus four smaller campus buildings. Uptown München is located in the Olympic Park office area, a major, growing sub-market of Munich close to the historic city center, with good access to transportation links and amenities. The 38-story Uptown München Tower is a landmark building, and is the tallest and one of the most attractive office buildings in the Bavarian capital. It is completely leased to O2 Germany, a leading telephone operator, for a fixed 15-year term. The campus building is fully leased to Adobe Systems, two local companies and Hines.
With the acquisition of the Uptown München Tower and the last of the four Uptown München campus buildings, GIC RE is now the biggest investor in Uptown München. In February 2005, the AMB Generali Group acquired a campus building; three months later, the Zurich-based Foundation for International Real Estate Investments (AFIAA) bought another campus building; and in October 2005, Düsseldorf-based financial services provider Signa Property Funds purchased the third campus building. The entire Uptown München office campus is now fully leased and has been sold within a year of its completion.
"Our decision in 2001 to establish ourselves in Munich by developing Uptown München has been affirmed," says Alexander Möll, the Hines project manager who was responsible for the sales negotiations with GIC RE. "Despite the sometimes difficult market situation for commercial property over the last few years, it has become evident that top-quality buildings are justified and can be successfully marketed."
Dr. Seek Ngee Huat, President of GIC RE said, “We are pleased to acquire these two office buildings in the successful Uptown München project developed by Hines. These Class A properties are well-located, have been leased long-term to strong credit tenants and provide a stable rental income. This investment is in line with our investment objectives and a fitting addition to our core global office portfolio, which also includes other prime office properties such as 30 Gresham Street in London, Shiodome City Center in Tokyo, Franklin Center in Chicago, Chifley Tower in Sydney and Seoul Finance Centre in Seoul. They are also well positioned to benefit from the anticipated recovery of Munich’s office market, which is currently at a low point in the rental cycle. In light of improving prospects in the German markets, we will continue to look for investments in quality assets across the property sectors.”
Following the sale of Uptown München, Hines will remain active in the Munich market. Karl Franz Wambach, managing director of Hines Germany said, "Uptown München is one of the most outstanding projects that we have realized in Germany to date. Particularly in the wake of the lively debate about highrises in 2004, Uptown München has gained landmark status in the city. Now our work can continue elsewhere. Since the start of this year, we are developing Karolinen Karree at Karlstraße 10 on behalf of AMB Generali Immobilien GmbH. Hines is confident that Munich is one of the most attractive investment locations in Germany."
Hines was advised on the transaction by Munich-based realty firm Colliers Property Partners Immobilien-Kontor Schauer & Schöll, who stated that this was the largest single asset deal that has ever been signed in Munich.
Hines was formed by Gerald D. Hines in 1957 as a privately-owned project development and real estate investment company based in Houston, Texas. With around 3,000 employees worldwide, more than 22 million square meters of floorspace in projects developed, and almost four million square meters of acquired real estate, Hines is among the leading international real estate firms.
Since the 1990s, Hines has developed major projects in Germany - Berlin (Pariser Platz 3, Rosmarin Karree, Hofgarten am Gendarmenmarkt), Frankfurt (Main Tower), and Dusseldorf (Benrather Karree). Uptown München was completed in 2005. Currently, Hines is developing a site at the famous Alexanderplatz in Berlin and is also acting as project developer for the Berlin MEAG project Friedrichstraße/Unter den Linden since fall 2005 and for the Karolinen Karree in Munich's Karlstraße since early 2006. Besides project development, Hines is successfully expanding its fund business in Europe.
GIC Real Estate (“GIC RE”) is the real estate investment arm of the Government of Singapore Investment Corporation (“GIC”), which manages the foreign reserves of Singapore. GIC RE’s mandate is to invest in real estate-related assets outside of Singapore, covering all property sectors (including office, retail, industrial, hotel or residential assets) and product types, ranging from direct building acquisitions, property investment funds to strategic stakes in listed property companies, joint ventures and real estate debt. GIC RE’s large, diversified portfolio comprises over 150 assets in more than 30 countries. They are one of the biggest institutional investors in Asia and currently rank amongst the world’s top 10 global real estate investment firms.
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Recent Stories Hines Aquires Chichester House in London Hines Acquires Gartemore House Singapore Investment Group Buys Munich Building from Hines
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