PRESS RELEASES

Hines' Pan-European Core Fund Acquires Eurosquare 1 Office Building in St. Ouen, Paris

(LONDON) – The London office of Hines, the international real estate firm, announced today that the Hines Pan-European Core Fund (HECF) has acquired from Tishman Speyer, Eurosquare 1, an office building in St. Ouen, Paris, located on the northern part of the Paris ring road. The building is fully leased to a wholly owned subsidiary of Gaz de France until 2013.

Completed in 2003, Eurosquare 1 comprises 15,420 square metres (165,920 square feet) of office space distributed over seven floors above grade. It is located on Boulevard Victor Hugo, the main artery of the growing business district of St. Ouen, which is also home to large operations of L’Oréal, Danone, Nokia, Sony, BNP Parisbas, etc.

“We are very pleased to have found an opportunity to enter the French market with a high quality asset in one of the major new office locations in Paris," said HECF’s fund manager Andreas Schreurs.

HECF is a Euro-denominated, Luxembourg-regulated Fonds de Commun de Placement (FCP) managed by Hines, with the objective to acquire a geographically diverse portfolio of core buildings with commercial uses across Europe. 

In France, Hines’ portfolio of owned and/or developed projects encompasses 440,000 square metres (4.7 million square feet), including EDF Tower and the Meudon campus.

Tishman Speyer is one of the leading owners, developers and operators of first-class real estate in the world.  Since its founding in 1978, the company has acquired or developed a portfolio of 9.8 million square metres, valued at over €35.2 billion.  Tishman Speyer’s reputation for globally recognised properties includes such prestigious icons as New York City’s Chrysler Center and Rockefeller Center, London’s Tower Place, Frankfurt’s MesseTurm, Paris’ Tour CBX, and other prominent properties in major European cities. 

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 35.3 million square metres (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.