Texas-based real estate firm Hines announced today it has closed its US Office Value Added Fund II with approximately $828 million (€605 million) of equity. With leverage, the vehicle will have $2.7 billion in buying power.
The fund will target office buildings in the top 20 US metro areas and will create value through repositioning, re-leasing and expanding the properties.
According to Dave Congdon, fund manager and senior vice president of Hines, the fund is designed to capitalize on the firm’s local teams of real estate experts in key markets. The fund has invested approximately 30 percent of its equity in five projects in cities such as Washington DC, Miami and San Jose, California.
Equity for the fund was raised from 17 institutional investors in the US, Europe and Japan. Hines executives contributed five percent of the total.
The firm closed its first US value-added fund in late 2003 with $276 million in equity. The first fund invested in nine properties including the Union Bank Plaza in Los Angeles and the Bank of America Center in Houston.
Hines currently has 26 investment vehicles with more than $12 billion in equity.
If you do not receive this within five minutes, please try to sign in again. If the problem persists, please email: 
