HOUSTON – (Realty News Report) – A Hines fund is acquiring 7 Soho Square, a 62,000 SF propertylocated in one of the most vibrant and popular areas of London’s West End.
This $99 million sale to the Hines Pan-European Core Fund is expected to complete in mid-October.
Peter Epping, Senior Managing Director at Hines and Fund Manager for 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’s one of the West End’s most sought after destinations. Alongside its pinpoint location, the property presents a rare opportunity to over time leverage our value enhancement approach and create workspace that caters to a new generation of office occupiers in the post-Covid environment.”
The building is fully leased, with Trip Advisor, the world’s largest travel platform occupying 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 recently acquired several hotels in Europe.
Since entering Europe in 1991, Hines has grown its European platform to include offices in 16 cities as well as a presence in 55 cities in 13 countries.
Hines provides management and third-party property-level services in Austria, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Poland, Spain and the United Kingdom.
Hines Fund Wind Property Investment Award
Hines Pan-European Core Fund (HECF) has been recognized as one of the top property funds in Europe, achieving the MSCI European Property Investment Award for the best performing pan-European balanced fund.
The MSCI European Property Investment Awards provide an opportunity to recognize and celebrate the top-performing funds across the real estate investment landscape. The award honors the most successful fund for a three-year period and is based on external valuations and auditors review of accounts. HECF achieved 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 property funds in Europe.
This award is the latest recognition of HECF’s success, having been named the most sustainable fund in Europe of all diversified portfolios and Global Sector Leader in Real Estate Assessment by GRESB for an unprecedented third consecutive year in September 2019.
Sept 23, 2020 Realty News Report Copyright 2020
File: Hines’ $99 Million Purchase
File: (2) – HECF. London, Hines’ $99 Million Purchase. 2020.