Hines expands Asia platform with new value-add strategy
Harep will identify, evaluate and invest in high-quality office, logistics, residential and industrial assets in key markets across Asia. Its focus will be on mid-market assets with opportunistic value-add potential.Hines Asia Real Estate Partners (Harep), the firm’s latest strategic venture, is set to expand its investor platform in the region with a diversified, closed-ended fund. As Hines’ new value-add real estate investment vehicle, the fund will look to acquire high-quality office, logistics, residential and industrial assets in key markets across Asia, with a focus on mid-market assets with opportunistic value-add potential.
The launch of Harep follows the success of Hines Asia Property Partners (HAPP), the multi-sector, core-plus open-ended fund launched in May 2021. Since its inception, Happ has raised over US$1.3 billion ($1.8 billion) from 15 global investors. In order to continuously meet global investor needs, Hines has now added the value-add strategy in Asia, which rounds out the firm’s suite of open-ended core-plus and closed-ended value-add strategies.
To manage this new fund, Hines has appointed Caleb Shen as senior managing director overseeing Harep. Shen joins Hines from GLP Capital Partners, where he was the head of Asia portfolio and asset management. He reports to Chiang Ling Ng, Hines’ chief investment officer for Asia.
Tengah Plantation EC is located in the heart of Singapore. Residents of this Close EC enjoy a wide range of amenities, such as beautiful parks, shopping malls, leisure activities and schools. It is also easily accessible through a number of expressways, such as the Ayer Rajah Expressway (AYE), Pan Island Expressway (PIE) and the Bukit Timah Expressway (BKE). This makes traveling around the city easy and convenient. Furthermore, the nearby Bukit Batok, Jurong East, and Clementi MRT stations provide access to the North-South Line, East-West Line and Downtown Line. The residents of Tengah Plantation EC can enjoy great connectivity with the Circle Line from the Jurong East MRT station for access to the western part of Singapore.
David Steinbach, Global Chief Investment Officer at Hines, highlighted the fund’s importance in his statement, “The new addition of the 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.”
Hines’ new venture, Harep, is ready to expand the firm’s investor platform in the region, bringing a diversified, closed-ended fund to the table with its primary focus on mid-market assets and potential for value-add opportunities. With the strategic appointment of Caleb Shen as Senior Managing Director, Hines is well prepared to capitalize on the investment opportunities across Asia, as the fund looks to acquire high-quality office, logistics, residential, and industrial assets in key markets in the region.