Key Takeaways
- • Hines launched Hines Asia Real Estate Partners (Harep), a closed-ended, diversified value-add real estate investment fund targeting the Asia-Pacific region, expanding its regional investment platform beyond its existing core-plus strategy.
- • The flagship Hines Asia Property Partners (Happ) fund, launched in May 2021, has raised over US$1.3 billion from 15 global investors since inception, demonstrating strong institutional demand for Hines' Asia platform.
- • Caleb Shen, former head of Asia portfolio and asset management at GLP Capital Partners, was appointed senior managing director to lead Harep, reporting to Chiang Ling Ng, Hines' Asia chief investment officer.
- • The Harep launch completes Hines' global strategy suite by adding closed-ended value-add capabilities to its existing open-ended core-plus offerings, enabling the firm to address investor demand across the full risk spectrum and geographies.
- • Harep will focus on value-add opportunities in office, industrial, and mixed-use sectors, capitalizing on disruptive demand shifts and growing investment opportunities across major Asia-Pacific markets.
Summary
Hines has announced the establishment of Hines Asia Real Estate Partners (Harep), a closed-ended, diversified value-add real estate investment vehicle, marking a strategic expansion of its Asia-Pacific platform. The new fund follows the successful launch of Hines Asia Property Partners (Happ) in May 2021, the firm's flagship multi-sector, core-plus open-ended fund. Since inception, Happ has accumulated over US$1.3 billion in capital from 15 global investors, indicating substantial institutional confidence in Hines' regional capabilities.
According to David Steinbach, global chief investment officer at Hines, the new fund "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." This strategic positioning allows Hines to offer a comprehensive range of investment vehicles spanning both risk profiles and geographic exposure, addressing the diversified mandates of institutional and alternative investors.
To lead Harep, Hines appointed Caleb Shen as senior managing director, reporting to Chiang Ling Ng, Hines' chief investment officer for Asia. Shen brings substantial experience from GLP Capital Partners, where he served as head of Asia portfolio and asset management. His appointment underscores Hines' commitment to deepening operational expertise in the region and leveraging institutional capital markets relationships.
Harep will target value-add investment opportunities across office, industrial, and mixed-use sectors throughout Asia-Pacific, seeking to capitalize on structural demand shifts and proliferating market opportunities. The timing of the launch reflects Hines' strategic assessment that the region offers compelling risk-adjusted return potential through active asset management and operational enhancement across these core real estate categories.
According to David Steinbach, global chief investment officer at Hines, the new fund "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." This strategic positioning allows Hines to offer a comprehensive range of investment vehicles spanning both risk profiles and geographic exposure, addressing the diversified mandates of institutional and alternative investors.
To lead Harep, Hines appointed Caleb Shen as senior managing director, reporting to Chiang Ling Ng, Hines' chief investment officer for Asia. Shen brings substantial experience from GLP Capital Partners, where he served as head of Asia portfolio and asset management. His appointment underscores Hines' commitment to deepening operational expertise in the region and leveraging institutional capital markets relationships.
Harep will target value-add investment opportunities across office, industrial, and mixed-use sectors throughout Asia-Pacific, seeking to capitalize on structural demand shifts and proliferating market opportunities. The timing of the launch reflects Hines' strategic assessment that the region offers compelling risk-adjusted return potential through active asset management and operational enhancement across these core real estate categories.
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