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Fundraising - MAY 4, 2021

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Hines launches new open-end Asia Pacific fund

by Kali Persall

Hines has launched a new flagship fund focused on the Asia Pacific region and received a founding commitment from Cadillac Fairview.

Hines Asia Property Partners — or HAPP — will be a multi-sector, open-end, diversified vehicle targeting top-tier markets in Japan, Australia, South Korea, Singapore and China, including Hong Kong. A fundraising target was not immediately disclosed.

According to Hines, HAPP will invest in logistics, office, living, retail and select niche sectors and will focus on next-generation assets designed for future tenant demand. The fund will seek to capitalize on an attractive pricing environment and fundamental market shifts to create value at the asset level through active management and select development.

Cadillac Fairview, the real estate investment arm of the C$221 billion ($180 billion) Ontario Teachers’ Pension Plan, is the lead founding investor in HAPP, having already seeded the fund with $400 million.

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