PRESS RELEASES

Hines' Pan-European Core Fund Makes a Forward Acquisition in Paris

(LONDON) – The London office of Hines, the international real estate firm, announced today that the Hines Pan-European Core Fund (HECF) has signed a forward funding agreement with French developer Nexity, to purchase an office building to be developed by early 2009 in St. Ouen, Paris. It is the second acquisition for HECF in Paris following the purchase earlier this month of the Eurosquare 1 office building.

The building will be part of a new 19-hectare master-planned development, which comprises approximately 130,000 m² (1.399 million square feet) of state-of-the-art office, residential and retail space, located on Alstom’s old manufacturing site between the river Seine and the town hall square of St. Ouen. Designed by the architectural firm Reichen-Robert & Partners, the building will comprise approx. 16,000 square metres (172,160 square feet) of office space configured around an open courtyard and distributed over seven floors, as well as 334 parking places on three underground levels. It is fully leased to Alstom Transport with a firm nine-year lease.

 “We are very pleased with this new acquisition which reinforces the presence of Hines as an investor in France. We believe that the quality of the developer, Nexity, and the tenant, Alstom Transport, which has been historically on the site, are the main reasons that will contribute to the success of the overall development,” said Andreas Schreurs, HECF’s fund manager.

HECF is a Euro-denominated, Luxembourg-regulated Fonds Commun de Placements (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 developed projects encompasses 440,000 square metres (4.7 million square feet), including EDF Tower and the redevelopment of the former Renault site in Boulogne-Billancourt, South West Paris.

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.