Hines Announces the Start of Construction on First Project in Krakow, Poland

(WARSAW, POLAND) – The Warsaw office of Hines, the international real estate firm, announced today that construction has begun on Apartamenty Novum, the approximately 400-unit multi-building apartment complex ranging in heights from four to nine stories.

The development is located in the center of Krakow at 20 Rakowicka Street, only 1.5 kilometers from the Main Market Square of the Old Town.

The development is situated on a 4.8-hectare (11.8-acre) site, which was acquired in October 2011 by Hines and Heitman.

“Our first attempts to purchase an investment in Krakow were made back in 2005.

We were looking for a centrally located site allowing for a larger scale project, which is extremely difficult to find in Krakow because of its densely built historic district,” said Wojciech Rumian, managing director for Hines Poland.

“The start of construction on Apartamenty Novum is not only a happy ending to a complex acquisition

process, but also a beginning of a long-term presence of Hines in Krakow and a hope for subsequent investments.”

The 286,500-square-foot complex was designed by local architect IMB Asymetria.

The complex will be modern in design, and will include landscaped internal courtyards and reception lobbies with quality finishes.

Apartment ceiling heights will be above-standard at 3.1 meters.

A two-level garage will contain 458 parking spaces.

Hines recently opened a sales office on-site.

Pricing for the apartments starts from 7,800 Polish zloty ($2,450) per square meter for an unfinished apartment.

In the second half of 2012, Hines will introduce options for apartment finishes.

Project completion on the for-sale apartments is expected at the end of 2013.

Contractor services are being provided by Erbud S.A.

Hines entered the Poland real estate market in 1997 with the development of Metropolitan, a Class A office building located at Pilsudskiego Square in Warsaw, which received the MIPIM Award in Cannes in 2004 for the Best Office Building in the World.

Hines also developed the Impresja apartments in Wilanow.

Currently, the firm is developing the Quattro Towers residential complex in Gdansk.

Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,147 properties representing more than 462 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments.

With offices in 108 cities in 18 countries, and controlled assets valued at approximately $23.4 billion, Hines is one of the largest real estate organizations in the world. Hines is also a world leader in sustainable real estate strategies, with extensive experience in LEED®, ENERGY STAR®, BREEAM, Haute Qualité Environnementale and DGNB green building rating systems.

Visit www.hines.com for more information.