Hines, the international real estate firm, announced today that the Hines European Value Added Fund (HEVAF) sold One Grafton Street, a mixed-use property located in the heart of London’s exclusive Mayfair area, to Pembroke Real Estate. Financials were not disclosed.
Hines was advised by Knight Frank on the transaction.
One Grafton Street contains six stories and 37,400 square feet of prime office space, four retail units and an apartment. Redeveloped by Hines in 2010, the building combines Victorian and contemporary design behind a partially retained façade. The property is fully leased to 10 tenants, and holds a “Very Good” BREEAM rating.
“Our leasing success at One Grafton Street is testament to the quality of the product during a challenging time in the market. This is a building Hines is proud to have redeveloped, and in line with the strategy of the fund, it was time to exit once fully leased,” said Ross Blair, managing director of Hines UK, who managed the development on behalf of the HEVAF.
“One Grafton Street is a ‘best in class’ office and retail development that truly fits its Mayfair location with a unique combination of its historic façade and contemporary design,” said Johannes Haug, senior vice president and global head of acquisitions at Pembroke Real Estate. “One Grafton Street is a strong addition to our global portfolio where the property’s location, quality and status are an ideal fit with our long-term investment approach.”
Pembroke Real Estate is an international real estate advisor that acquires, manages and develops well-located properties in the office, residential and mixed-use sectors. Focused on enhancing long-term value, Pembroke facilitates the investment of private capital of FMR LLC (Fidelity Investments) and FIL Limited into superior real estate opportunities. The firm currently manages approximately 6.2 million square feet in key markets across Europe, North America, Asia and Australia. With offices in Boston, London, Stockholm, Sydney and Tokyo, Pembroke's pride of ownership is evident in every one of its properties and includes a strong commitment to the environment – more than 70 percent of the firm's portfolio is sustainably certified, or in the process of becoming certified – and delivering the highest-performing, quality product. For more information, visit www.pembrokere.com.
Launched in 2005 with €287 million of equity commitments from a group of European institutional investors, the HEVAF was, at inception, the second pan-European investment fund raised by Hines. The objective of the fund has been to invest in and add value to European real estate opportunities, principally in France, Germany, Italy, Spain and the UK.
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. Across the globe, Hines manages a total of 137 million square feet for itself and third-party owners. 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, HQE and DGNB green building rating systems.
Source: Hines 21. February 2013