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Hines holds $210 million final close
Hines has closed its Hines U.S. Office Value-Added Venture III (HUSVAV III) with $210 million of equity. With leverage, the fund will have more than $600 million of total buying power to invest in the U.S. office sector.
“We see an increasing pipeline of opportunities where both capital and diverse operating expertise are needed to realize the full potential in an office property,” says Dave Congdon, Hines senior managing director and HUSVAV III fund manager, in a statement. “Stabilizing or improving fundamentals across many markets make this an appropriate time to capitalize on leasing-related events that create higher, more stable income profiles.”
This is the third Hines fund with a strategy to invest in value-added opportunities. Two domestic predecessor funds were the Hines U.S. Office Value-Added Fund (HUSOVAF) and the Hines U.S. Office Value-Added Fund II