(Hines, the international real estate firm, has raised $108 million (USD) from Israeli investors for one of its flagship European real estate funds, the Hines European Value Fund 2 (HEVF 2).
Menora Mivtachim, one of Israel’s largest insurance companies, will invest $88 million (USD) in HEVF 2 alongside a further $20 million (USD) from private investors based in Israel.
Founded in 1935 and listed on the Tel Aviv Stock Exchange, Menora is the largest general insurer in Israel and manages owner the largest pension fund in Israel. The group, which manages over $80 billion of assets, has made the commitment to HEVF 2 as it seeks to increase its real estate exposure in Europe.
The latest capital commitments to HEVF 2 represent the first capital raised from Israel by Hines, which is seeking to strengthen links with Israel’s institutional investors and family offices, as demand rises for flagship diversified real estate funds in Europe, the US and Asia.
HEVF 1, launched in 2017, focused on core-plus and value add office investments while HEVF 2, launched in 2019, is most active in the logistics, office and living sectors. The fund now has 10 project investments across France, Germany, Italy, The Netherlands, UK, and Spain and with further deals in exclusivity in Europe, is now over 70% allocated.
Source : Hines