Hines Chosen By BBVA Subsidiary for Upscale Residential Conversion in Madrid

(MADRID, SPAIN) – The Madrid office of Hines, the international real estate firm, announced that it has been selected by Anida, the real estate subsidiary of BBVA, to serve as development manager for the renovation of Villanueva 4 into luxury apartments.

Located on Calle Villanueva 4 in the center of the capital next to Madrid’s National Library, the building, which was formerly utilized for office space, will contain 43,040 square feet on four floors. The refurbishment will preserve the building’s neoclassical façade, and incorporate 13 apartments ranging in size from 2,150 to 3,767 square feet.

Parking for 50 cars will be provided.

Renovation will begin in February 2012, with completion expected 18 months later.

As development manager, Hines will oversee project design and construction, and has selected Rafael Robledo to design the project.

Previously, Hines worked with Robledo on Salustiano OlĂłzaga II, a residential project that Hines purchased and refurbished, that is also located in the center of the city.

“It is a great privilege to have been chosen by Anida to develop some of the finest residential space in the city,” said Fernando Arenas, managing director for Hines in Spain.

“We believe that our proven international track record to provide quality development services in similar types of projects will be evident in Villanueva 4.

Hines entered the Spanish market with a strategic investment in Barcelona in 1995.

That investment, known as Diagonal Mar, centered on 84 acres of land fronting the Mediterranean Sea. The project is one of Europe’s largest mixed-use developments totaling over four million square feet consisting of a retail and leisure center, five residential phases, three hotels, three office buildings and the third-largest public park in Barcelona.

In 2000, Hines expanded its operations in Spain by opening a Madrid office, and in 2004, a Marbella office.

Today, Hines Spain has over 20 employees involved in development, leasing, financing and asset management.

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 1,126 properties representing more than 459 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 106 cities in 17 countries, and controlled assets valued at approximately $23.7 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.