(HOUSTON) – Hines, the international real estate firm, announced the closing of the Hines U.S. Office Value Added Venture III (HUSVAV III).
The fund is capitalized with $210 million of equity for more than $600 million of total leveraged capacity in U.S. office sector buys through which the firm can create value through leasing, management or redevelopment activities. The fund’s equity has been committed from an institutional investor and Hines principals.
This is the third Hines fund with a strategy to invest in value-added opportunities.
Two domestic predecessor funds were the Hines U.S. Office Value Added Fund L.P. (HUSOVAF) and the Hines U.S. Office Value Added Fund II, L.P. (HUSOVAF II).
Together, these funds invested $1.1 billion of equity capital into 18 different assets.
HUSOVAF realized seven of nine investments, and HUSOVAF II continues to execute business plans on its nine investments.
According to Senior Managing Director and fund manager Dave Congdon, the fund’s strategy is designed to capitalize on the strength of the Hines firm:
strong local teams of real estate experts in key markets who have long track records of buying, developing, leasing and operating office projects.
 “We see an increasing pipeline of opportunities where both capital and diverse operating expertise are needed to realize the full potential in an office property,” Congdon said.
“Stabilizing or improving fundamentals across many markets make this an appropriate time to capitalize on leasing-related events that create higher, more stable income profiles.”
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 1,208 properties representing more than 488 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 104 cities in 18 countries, and controlled assets valued at approximately $23.8 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.