Hines expands Asia platform with new value-add strategy

Hines Asia Real Estate Partners (Harep), Hines’ new value-add real estate investment vehicle focused on Asia, will add to the firm’s investor platform in the region. With the launch of Harep, Hines now has a suite of open-ended core-plus and closed-ended value-add strategies globally to meet investor needs across geographies and the risk spectrum.

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Caleb Shen has been appointed as the senior managing director for Harep and reports to Chiang Ling Ng, Hines’ chief investment officer for Asia. He joins Hines from GLP Capital Partners, where he was head of Asia portfolio and asset management.

Hines’ other flagship, multi-sector, core-plus open-ended fund, Hines Asia Property Partners (Happ), was launched in May 2021 and since then, has raised over US$1.3 billion ($1.8 billion) from 15 global investors.

The presence of multiple investment strategies across multiple risk spectrums will allow Hines to provide a greater scope of investor options and demonstrate its commitment to the Asian market.

In an Oct 3 press release, David Steinbach, global chief investment officer at Hines, commented on the launch of Harep, “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.”

Strategically located in Singapore, Hines has deepened its investments in the Asia Pacific in recent years and with the launch of Harep and Happ, is set to further expand its presence in the region.

Hines is a real estate investment, development and property manager who recently announced a value-add real estate investment vehicle focused on Asia, Harep. The fund is designed to be diversified and closed-ended in order to expand Hines’ investor platform in the region.

Furthermore, the launch of Harep has enabled Hines to provide a greater scope of investor options to its clients. A press release from the global chief investment officer of Hines, David Steinbach, said, “Our suite of open-ended core-plus and closed-ended value-add strategies globally, enables us to meet investor needs across geographies and the risk spectrum.”

In order to carry out the management of Harep, Hines has appointed Caleb Shen as the senior managing director. His appointment is part of the firm’s commitment to the Asian market. He was previously the head of Asia portfolio and asset management for GLP Capital Partners.

With the Hines Asia Property Partners (Happ) flagship, multi-sector, core-plus open-ended fund having raised more than US$1.3 billion ($1.8 billion) from 15 global investors since launching in 2021, the additional Harep fund marks a strong commitment to the Asia Pacific from Hines.

Hines’ commitment to the region has been demonstrated with the deepening of their investments in recent years and looks set to continue with the launch of the funds Harep and Happ.