Hines expands Asia platform with new value-add strategy

Hines Asia Real Estate Partners (Harep) has been launched as a diversified, closed-ended fund by Hines, a real estate investment, development and property manager, to expand the firm’s investor platform in the Asia region. The fund was created to meet the needs of global investors who look to invest in the region across the risk spectrum.The launch of Harep follows Hines Asia Property Partners (Happ), the company’s flagship multi-sector, core-plus open-ended fund which was launched in May 2021. Happ has since raised over US$1.3 billion ($1.8 billion) from 15 global investors.

In addition to the launch of Harep, Hines has appointed Caleb Shen as its senior managing director who will be overseeing the fund. Shen joins the company from GLP Capital Partners, where he was its head of Asia portfolio and asset management. He will be reporting to Chiang Ling Ng, Hines’ chief investment officer for Asia.

David Steinbach, the global chief investment officer at Hines, commented: “The new addition of a 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.”

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Hines has announced the launch of a value-add real estate investment vehicle focused on Asia: the Hines Asia Real Estate Partners (Harep). The firm established the diversified and closed-ended fund to expand its investor platform in the region and satisfy the needs of global investors.

Since its inception, the company’s flagship fund Happ, a multi-sector, core-plus open-ended fund launched in May 2021, has raised over US$1.3 billion ($1.8 billion) from 15 global investors.

Caleb Shen was appointed as the senior managing director overseeing Harep and will report to Chiang Ling Ng, Hines’ chief investment officer for Asia. Shen previously held the position of head of Asia portfolio and asset management at GLP Capital Partners.

Harep provides global investors with a value-add strategy in Asia, giving them the opportunity to invest across geographies and the risk spectrum. This fund, in combination with the Happ open-ended core-plus strategy, rounds out Hines’ suite of offerings in the region.