Hines, an international real estate firm, has completed a first close for its Hines European Value Fund 2 (HEVF 2), raising €637 million ($708 million).
Three months after its launch in September 2019, the fund has raised more than half of its €1.25 billion ($1.4 billion) target with commitments from 13 institutional investors, according to Hines.
Hines said it expects to hold subsequent closings throughout 2020, with Hines co-investing 5 percent of the total investor commitments. With leverage, the fund is expected to have around €3 billion ($3.3 billion) in purchasing power.
HEVF 2 follows its predecessor, Hines European Value Fund (HEVF 1), a core-plus/value-add fund that raised €721 million ($801 million) as of August 2018, exceeding its original fund target size by more than 40 percent. HEVF 1 has secured a portfolio of nine investments in Germany, the United Kingdom, Denmark, Spain, Italy and Poland within less than two years of closing its first a
