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Hines, Korean Pension Fund Forge $1.5B Development JV
The National Pension Service of Korea (NPS) and Houston-based Hines have formed a build-to-core venture to create a portfolio of prime assets resilient to market uncertainties. Backed by US$1.5-billion of equity, the joint venture will pursue urban infill developments across a broad span of sectors including mixed-use, residential, office and logistics in high-barrier-to-entry markets globally.
Along with serving as a co-investor, Hines will be responsible for sourcing, designing and executing development opportunities globally. The JV will leverage Hines’ relationship networks formed across the firm’s presence in 225 cities worldwide. Hines and NPS have partnered before.
Hines chairman and CEO Jeffrey C. Hines said, “Like us, NPS values permanence, quality and innovation in core real estate. We see this new mandate as a natural extension of our longstanding relationship and a further opportunity to apply our real estate investments and execution skillsets to create differentiated multi-sector projects that enhance communities.”
For comments, questions or concerns, please contact Paul Bubny
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