Hines expands Asia platform with new value-add strategy

Harep will focus on market sectors such as office, retail, logistics, residential and mixed-use investments across major Asian cities. The fund seeks opportunities to add value through renovations, repositioning, redevelopment work and third-party management of leased assets.Hines’ Ng explains, “Having the closed-ended fund will give us the ability to take full advantage of the significant opportunities we anticipate in the near term, while also providing investor options to suit their risk and return needs.”

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Hines Asia Real Estate Partners (Harep), a diversified, closed-ended fund focused on Asia, has been launched by real estate investment, development and property manager Hines. Aimed at expanding Hines’ investor platform in Asia, the value-add investment vehicle follows the firm’s flagship, multi-sector, core-plus open-ended fund, Hines Asia Property Partners (Happ) which was launched in May 2021 and has since raised over US$1.3 billion ($1.8 billion) from 15 global investors.

David Steinbach, global chief investment officer at Hines, said “The new addition of a value-add strategy in Asia rounds out our suite of open-ended core-plus and closed-ended value-add strategies globally, enabling us to meet investor needs across geographies and the risk spectrum.”

Along with the launch of Harep, Hines also announced the appointment of Caleb Shen as senior managing director overseeing the fund. Shen joins Hines from GLP Capital Partners, where he was its head of Asia portfolio and asset management, and will report to Chiang Ling Ng, Hines’ chief investment officer for Asia.

Harep will focus on market sectors such as office, retail, logistics, residential and mixed-use investments across major Asian cities. These investments will create value for shareholders through renovations, repositioning, redevelopment work and third-party management of leased assets.

Explaining the advantages of the closed-ended fund, Chiang Ling Ng stated, “Having the closed-ended fund will give us the ability to take full advantage of the significant opportunities we anticipate in the near term, while also providing investor options to suit their risk and return needs.”

Hares’ launch by Hines marks another step in its deepening investments in the Asia Pacific region as global investors increasingly target the region for opportunities.

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