Hines, the international real estate firm, announced today the sale of Bishop’s Square by Hines Global Income Trust, Inc. The Class A office building, located in Dublin’s Central Business District, was acquired in 2015 and was sold to GLL Real Estate Partners.
“Bishop’s Square is a great example of the value the Hines organization can provide,” said Alfonso Munk, Chief Investment Officer, Americas and President of Hines Global. “Coming out of the global financial crisis, our research team identified the Dublin office market as an attractive location based on strong office fundamentals and our Dublin team was able to capitalize on their local market knowledge and existing relationships to acquire Bishop’s Square through an off-market transaction.”
After acquiring the asset, Hines Global implemented energy-conservation upgrades, building improvements and an expansion which added 27,000 square feet. The more than 180,000-square-foot property is currently 100% leased with a weighted average lease term of 11 years.
“I am very proud of the work we did to enhance Bishop’s Square as we delivered transformative upgrades and improvements that will continue to enhance both the existing and future tenant experiences,” said Hines Senior Managing Director and Ireland Country Head, Brian Moran.
“The completion of this transaction in the current environment is further testament to the high quality of the asset and the fortitude of Hines’ local Irish team,” said Senior Managing Director and Hines Global’s Chief Operating Officer, Janice Walker. “We are very pleased to have provided such an excellent outcome for our investors.”
Hines Global is a public, non-traded perpetual real estate investment trust (REIT), sponsored by Hines, that invests in institutional-caliber private real estate from around the world. Hines Global commenced operations in 2014, and seeks to invest in quality commercial real estate across a variety of asset classes, which may include office, retail, industrial, residential/living, hospitality or leisure, with a portfolio that totals 8.5 million square feet and 91 buildings.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 205 cities in 24 countries. Hines has approximately $133.3 billion of assets under management, including $71 billion for which Hines serves as an investment manager, including non-real estate assets, and $62.3 billion for which Hines provides third-party property-level services. The firm has 165 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,393 properties, totaling over 459 million square feet. The firm’s current property and asset management portfolio includes 539 properties, representing over 232 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. AUM includes both the global Hines organization as well as RIA AUM.
Since entering Europe in 1991, Hines has grown its European platform to include offices in 16 cities as well as a presence in 49 cities in 11 countries, with €20.9 billion of assets under management in Ireland, Denmark, Finland, France, Germany, Greece, Italy, Netherlands, Poland, Spain and the United Kingdom.
Hines Ireland has an extensive portfolio of assets ranging across retail, office and residential projects. The platform has proven itself adept at deploying capital in a variety of investment types across multiple product sectors. In Dublin, Hines are responsible for the redevelopment of Central Plaza and the mixed-use Cherrywood Scheme and are joint owners and managers of the Liffey Valley Shopping Centre. Hines is also planning major new residential led development schemes at the former Player Wills-Bailey Gibson site on South Circular Road and on the former Clonliffe College lands in Drumcondra.
Source : Company