Hines European Core Fund Acquires Second Phase of Prime Mixed-Use Asset in Dublin

(DUBLIN) – Hines, the international real estate firm, has formally acquired the second phase of the high-quality Chatham & King mixed use portfolio, spanning 42,500 square feet, on behalf of the Hines European Core Fund (HECF).

Construction of the prime building on Chatham Street and Clarendon Row was recently completed by Lone Star Funds. Chatham & King is located adjacent to Grafton Street and St. Stephen’s Green, in the heart of the city’s premier shopping district, close to the Westbury Hotel and the recently announced new European Parliament Headquarters in Dublin.

The asset comprises six residential units, five prime retail units totalling 16,000 square feet, and 26,500 square feet of office space which will be occupied by global data analytics management firm, Qualtrics, which already has its European headquarters located in the adjoining 31,000 square feet office.

Negotiations are advanced on each of the five new retail spaces, which range from 495 to 12,680 square feet respectively, with the incoming tenants to sit alongside a quality line-up of existing retail tenants, including Zara, H&M and newly arrived Apple-reseller CompuB, which recently signed a new lease for a 3,400 square feet retail unit on South King Street.

Simone Pozzato, Managing Director and Deputy HECF Fund Manager at Hines, said:

“The acquisition of Phase 2 of Chatham & King completes the final element of this portfolio and marks the delivery of a LEED accredited asset in the Dublin office and retail sector at an opportune time. The property is an excellent fit for HECF given its central location in Dublin, a city which continues to show strong economic growth. We are already encouraged by the promising engagements to date from some very exciting retail brands who would be ideally suited to this prestigious shopping district. We hope to have further announcements in this regard in the near future.”

Peter Lynn, Director with Hines Ireland, said:

“We are delighted to make this timely announcement as Dublin city centre continues to reopen and as Chatham Street itself has recently undergone a significant transformation with Dublin City Council’s high-quality pedestrianisation programme. Chatham & King is a very high quality addition to this historic street and our new premium retail spaces will represent a significant enhancement to the city’s most fashionable shopping district. We are also equally excited to be working with Qualtrics as our lead office occupier as they continue on their exciting growth story.”

About Hines

Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 240 cities in 27 countries. Hines oversees a portfolio of assets under management valued at approximately $160.9 billion¹, including $81.7 billion in assets under management for which Hines serves as investment manager, and $79.2 billion representing more than 172.9 million square feet of assets for which Hines provides third-party property-level services. Historically, Hines has developed, redeveloped or acquired approximately 1,450 properties, totaling over 485 million square feet. The firm has more than 180 developments currently underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world.

Since entering Europe in 1991, Hines has grown its European platform to include offices in 16 cities as well as a presence in 62 cities in 13 countries. Hines oversees a portfolio of assets under management valued at approximately €26.3 billion of assets under management in Europe, including €21.9 billion for which Hines serves as an investment manager and €4.4 billion representing more than 3.8 million square metres of assets for which Hines provides third-party property-level services, in Austria, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Poland, Spain and the United Kingdom.

1. Includes both the global Hines organization as well as RIA AUM as of December 31, 2020.

    Visit www.hines.com for more information.

    About Hines European Core Fund (HECF)

    The Hines European Core Fund was set up in 2006 with the aim of providing investors with a resilient income profile derived from a diversified portfolio of high-quality assets located in inner-city locations across major European cities.

    The Hines European Core has been awarded by MSCI as the strongest performing fund over the three years 2017-2019 among the European institutional balanced sector funds, with a total return of 8.45% p.a. during 2017-2019, 211 bps above the average return of the benchmark, making it one of the best performing core property funds in Europe.

    As of Q4 2020 the HECF portfolio was 98.1% occupied with an aggregate fund value of c.€2.1bn. The portfolio of the Fund comprises 30 assets including forward commitments, invested in 15 city markets across nine different European countries.