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David L. Steinbach talks about Covid-19’s impact, Hines’ new fund and the increasing importance of ESG.
Launched 64 years ago by founder/chairman Gerald Hines, Houston-based Hines is among the top global commercial real estate investors/developers/owners, with a $160.9-billion portfolio that includes 377 properties totaling nearly 173 million sq. ft. under management in 27 countries.
Hines’ Pan-European Core Fund (HECF) currently has 30 assets under management, valued at more than €2 billion, in 15 cities across nine countries. This year, the company won the Pension Real Estate Association’s (PREA) Real Estate Investment Management Environmental, Social and Governance (ESG) award for HECF in the open-end fund category. The award recognizes PREA members for commitment to ESG principles and best practices within real estate investment.
S. Korea pension fund joins with Hines for real estate venture
Bloomberg
South Korea s National Pension Service, Jeonju, has entered into a $1.5 billion joint venture with real estate investment firm Hines to build mixed-use, residential, office and logistics properties worldwide, according to a joint news release.
The joint venture provides ready capital for some interesting opportunities that will arise in the next 12 to 18 months, said David L. Steinbach, Hines global CIO, in an interview. For example, Hines executives expect that there will be opportunities to invest in sites in or near cities where properties are not often offered up for sale, but will be due to the pandemic, he said.