PRESS RELEASES

Hines Opens Sales Center and Model Home at Retama in Monterrey

6/29/2007

(MONTERREY, MEXICO) – The international real estate firm, Hines, yesterday held the inauguration event for Retama, a new residential high-rise development in Monterrey, Mexico, following on the success of the firm’s Punto Central development there.  Attendees at the evening event included: land partner and director general of Insar Inmobiliaria Federico Sada Rivero and family;  the secretary of urban development Guillermo Alfredo Rodriguez Paezalong with other local and state government representatives; Hines executives Pierre Arriz and Mark Cover; prospective buyers; and members of Monterrey’s real estate community.  The event included a fireworks display, musical entertainment, and a ribbon-cutting ceremony for the 320-square-meter (3,500-square-foot) sales center and model home.

Palmer Letzerich, project manager for Retama, reported that reservations for more than 50 percent of the project’s first phase have been received.   “The initial market reaction has been very positive,” commented Letzerich.  “The design of the project complements its unique location and focuses on the amazing views of the city.  In addition, the development’s amenity-heavy concept, which includes pools with panoramic views, a fitness center, extensive green areas and a jogging track, is new to this market segment.  We are offering a product that has previously been available only in the highest-end projects in the country.  Retama, with pricing around $2.25mm pesos (US$200,000), will set a new standard in Monterrey.”

After the ribbon-cutting ceremony, guests were invited to tour the downstairs sales center and also the second-floor model home which brings project’s flexible design to life.  With nine different floor plans available in two 18-story towers, buyers have a broad selection of unit types to which they can add one of three finishes packages.  The units will feature open floor plans with livable kitchens and impressive views from each room.

The Retama sales center is located in Residencial Dinastia at 200 Avenida Puerta del Sol Pte.  It is open daily from 10 am to 8 pm Monday through Saturday, and noon to 6 pm on Sunday. More information, including floor plans and photos, are available at http://www.retama.com.mx.

Pre-construction buyers not only have the benefit of selecting their preferred unit, but also have access to competitive pre-construction pricing and a variety of aggressive financing plans.  Retama’s first phase will consist of 132 units in two independent 18-story towers, which will be delivered year-end 2008.  Units range in size from 125 square meters (1,300 square feet) to 215 square meters (2,300 square feet). 

 “Given the positive market reaction thus far, we expect to be in position to move forward with the second phase of the project soon,” Letzerich said.

With Retama, Hines is capitalizing on the market buzz created in Mexico by the HCM- funded (Hines-CalPERS) developments such as: Punto Central in San Pedro Garza Garcia; Sierrazul in Querétaro; and 360 Acueducto in Guadalajara.

“Our sales team continues to see more and more clients who know the Hines name and who expect a certain level of quality,” commented Letzerich. “We are pleased to see that with each new project, the market not only recognizes and values our high standards, but also that buyers now actively seek out the Hines brand.”

CalPERS is the nation’s largest public pension fund with assets totaling $249 billion, of which $19 billion is invested in real estate. The System provides retirement and health benefits to more than one million state and public employees and their families. For further information on CalPERS, visit the System’s Web site at www.calpers.ca.gov.

Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The Hines portfolio of projects underway, completed, acquired and managed for third parties includes more than 950 properties representing approximately 380 million square feet of office, residential, mixed-use, industrial, hotel, medical, retail and sports facilities, as well as large, master-planned communities and land developments. With offices in 67 U.S. cities and 15 foreign countries, and controlled assets valued at approximately $16 billion, Hines is one of the largest real estate organizations in the world. Visit www.hines.com for more information.