The London office of Hines has acquired Chichester House in London from Bishopswood Properties, a wholly owned subsidiary of GE Real Estate. The eight-story, 6,503-m² office and retail building is located in central London's High Holborn neighborhood, in close proximity to several tourist attractions including Covent Garden and the British Museum, and midway between the City and West End. The property was purchased by Hines European Development Fund II (HEDF II), a Delaware Limited Partnership.
The building is empty, having been vacated by UK lawyers Reynolds Porter Chamberlain during 2005.
Bishopswood Properties was advised in the sale by Orchard Street Management and Jones Lang LaSalle.
Hines UK Director Andrew Reynolds said, "This acquisition secures our commitment to acquire high potential investments in a strongly competitive London marketplace. We now look forward to working with our retained advisers to create a high-quality commercial development to fulfill the demand for high-end office space."
As a result of its first closing in March 2007, HEDF II is capitalized with $639 million (€470 mln) of equity commitments provided by North American and European institutions. HEDF II will invest in office development projects as well as the development of mixed use complexes located in Western European countries, targeting France, Germany, Italy, Spain and the UK.
After more than three successful decades in the United States, Hines entered the European market in Berlin in 1991. Since then, the firm has developed projects in: Barcelona, Berlin, Düsseldorf, Frankfurt, London, Madrid, Marbella, Moscow, Munich, Milan, Paris, Prague, and Warsaw. The firm's European portfolio consists of 40 projects totaling more than 1.1 million m².
Hines opened its office in the United Kingdom in 2000. To date, Hines UK has developed more than 26,310 m² of office space and has approximately 150,960 m² of space currently under development.