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A joint venture, formed by HSBC Alternative Investments Limited (HAIL) and Hines, the international real estate firm, has acquired the Broadgate West office complex located in London EC2, for an undisclosed amount. This is the first joint venture between HAIL and Hines. The seller was a private property company owned by Peter Marano and Michael Dennis.
The buyer was advised by Linklaters, KPMG and Colliers in the transaction and obtained debt from MetLife. The seller was advised by Clifford Chance, PWC and CBRE.
The 457,000-square-foot development is situated on the northern edge of the Broadgate estate in the heart of the City. Broadgate West incorporates two phases - Phase I was designed by Gensler, contains 243,000 square feet, 10 stories and wascompleted in 2000. Phase II was designed by SOM, contains 214,000 square feet, 12 stories and was completed in 2003. Both buildings are fully leased to tenants including: Ashurst; GFI; Shearman & Sterling; and UBS.
Hines UK is acting on more than two million square feet of projects with a total value in excess of £1.2billion. The company's growing London portfolio of assets under management includes: city offices Cannon Place and 1 Bartholomew Lane; Mayfair's One Grafton Street; and Midtown's 280 High Holborn and Stonecutter Court. Outside the capital, Hines UK is asset manager at Brindleyplace in Birmingham, and is developing Two Snowhill in Birmingham on behalf of the Hines European Development Fund II.
Fonte : CS della Società
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