Hines has acquired the c. 9,500m2 Film House in the West End of London, on behalf of its Hines European Value Fund 3 (HEVF 3).
Film House is a landmark building with c. 8,700m2 of office and c. 836m2 of restaurant space in Wardour Street and marks HEVF 3’s third investment. The currently vacant office building will be refurbished by Hines to comprise a workspace with embedded ESG credentials and public transport connectivity including the Elizabeth Line. Film House was built in the late 1920s and is known for its cinematic ties. It is also Nike’s former London headquarters.
Savills advised Hines on the transaction.
Paul White, Senior Managing Director and HEVF 3 Fund Manager, at Hines, commented: “The market environment remains challenging, and as a fund, we have exercised high discipline over pipeline for the last year, despite raising a great deal of dry powder. When our origination channels do deliver a quality asset, in one of our most favoured locations in all of Europe, and with the potential to achieve top ESG credentials – we will invest. Film House is a third flagship acquisition, and we will now apply the full Hines skillset seeking to create additional value here.”
Jake Walsh, Managing Director, Hines in the UK: “Our focus is continuing to deliver high-quality space in superb locations with first-class ESG credentials for occupiers. Film House is a testament to this, we have secured the asset in one of the West End’s most sought-after locations against a backdrop of acute undersupply of Grade A next-generation office stock in Central London. Given this prized location with unparalleled transport links, it once again demonstrates our conviction in the central London office market for the right prime opportunities.”
