The U.S. real estate market in late 2025 is characterized by valuation resets, improving pricing visibility and a heightened focus on operational performance. Hines U.S. Property Partners (HUSPP), the firm’s flagship commingled U.S. core-plus fund, recently acquired more than $575 million across five recent transactions. These transactions bring the fund’s gross asset value to more than $3 billion.
In an exclusive interview with IREI, Alfonso Munk, co-head of investment management at Hines, discusses current U.S. commercial real estate fundamentals and how HUSPP is navigating these conditions. HUSPP’s strategy is centered on operations-led value creation, prioritizing improvements in net operating income rather than relying on sentiment-driven pricing shifts. Munk highlighted the fund’s strong weighting toward demand-resilient sectors, its focus
