Hines Fund Acquires Moscow Office Buildings
The Hines Russia & Poland Fund, a Luxembourg-based investment fund sponsored by Hines, and PPF Real Estate Holding B.V., a European developer, investor and professional consultant, jointly acquired Metropolis Office Buildings I and III in Moscow. As a result of this transaction, the partners now own more than 56,000 leasable square meters (183,727 square feet) of Class A office space with close to full occupancy by more than 40 prime commercial tenants.
The Metropolis Office and Shopping Complex, consisting of three office buildings and a shopping mall, was built in 2009 in the north part of Moscow on the main route from Sheremetevo airport to the city center. The Metropolis Shopping Center is one of the top shopping malls in Russia.
Jiri Tosek, chief executive officer of PPF Real Estate Holding B.V, stated, “We are excited to complete this landmark transaction in the commercial segment of real estate in Russia and to acquire a stake in Metropolis Office Buildings I and III, which we think is one of the best office complexes in Russia. Also, we view this transaction as a first step in establishing a long-term partnership between PPF Real Estate and Hines, and exploring other investment opportunities within the Russian real estate sector.”
Simon Shen, Hines’ senior managing director and fund manager, added, “We are excited about the opportunity to increase our fund’s exposure to this sector of the economy, especially with a leading partner like PPF Real Estate. Our firm remains significantly committed to the Russian property market and anticipates continued investment through our various international funds into Russia.”
In other Hines news, The DI Wire recently reported that Hines France secured a 12-year 463,000-square-foot lease for Sequana Tower in Issy-les-Moulineaux near Paris.
Hines Russia & Poland Fund is a Luxembourg-based investment fund sponsored by Hines. Hines is a privately owned global real estate investment firm founded in 1957 with locations in 185 cities in 19 countries. Hines has $84.9 billion of assets under management, including $42.7 billion for which Hines provides fiduciary investment management services, and $42.2 billion for which Hines provides third-party property-level services.
PPF Real Estate Holding B. V. is part of PPF Group. As a developer, investor and professional consultant PPF Real Estate Holding manages properties both in PPF Group’s real estate portfolio and on behalf of external clients. The company operates in the Czech Republic, Russia, the Netherlands, Germany and other European countries. PPF Real Estate Holding currently provides comprehensive services for more than 60 projects and the value of assets under management is approaching EUR 1.5 billion ($1.62 billion).
