HOUSTON – (Realty News Report) – Hines has agreed to acquire 7 Soho Square, a 62,000-square-foot building located in one of the most dynamic and popular areas of London’s West End.
The transaction, valued at $99 million, is expected to close in mid-October, with the buyer being the Hines Pan‑European Core Fund.
Peter Epping, Senior Managing Director at Hines and Fund Manager for the Hines Pan‑European Core Fund, said: “Soho Square is an iconic landmark and, positioned directly opposite the new Tottenham Court Road Elizabeth Line station entrance, it is one of the West End’s most sought-after destinations. Beyond its prime location, the property offers a rare opportunity to apply our value‑enhancement strategy over time and to create workspace suited to a new generation of office occupiers in the post‑Covid environment.”
The building is fully leased. TripAdvisor, the world’s largest travel platform, occupies the majority of the office space.
The seller, Landsec, was represented by Knight Frank LLP and CMS Legal. Hines was represented by JLL and Ashurst.
Hines has recently expanded its European portfolio with several hotel acquisitions across the region. Since entering Europe in 1991, the firm has grown its platform to include offices in 16 cities and operations in 55 cities across 13 countries.
Hines provides management and third‑party property‑level services throughout Europe, including Austria, Denmark, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands, Poland, Spain and the United Kingdom.
Hines Fund Wins Property Investment Award
The Hines Pan‑European Core Fund (HECF) has been recognized among Europe’s top property funds, receiving the MSCI European Property Investment Award as the best performing pan‑European balanced fund.
The MSCI European Property Investment Awards acknowledge top-performing funds across the real estate investment landscape, honoring the most successful fund over a three‑year period based on external valuations and audited accounts. HECF achieved a total return of 8.45% per annum during 2017–2019, outperforming the benchmark by 211 basis points and ranking it among the best performing property funds in Europe.
This accolade adds to HECF’s recent recognitions: in September 2019 the fund was named the most sustainable diversified portfolio in Europe and was also awarded Global Sector Leader in Real Estate Assessment by GRESB for the third consecutive year.
Sept 23, 2020 Realty News Report Copyright 2020
File: Hines’ $99 Million Purchase
File: (2) – HECF. London, Hines’ $99 Million Purchase. 2020.
