Hines to launch new Asian value-add real estate strategy

Hines to launch new Asian value-add real estate strategy

Hines plans to launch a diversified close-ended, value-add real estate strategy, Hines Asia Real Estate Partners (Harep).

According to the company, Harep will expand Hines’ investor platform in the region, joining Hines Asia Property Partners (HAPP), the firm’s flagship multi-sector, core-plus open-ended fund, which launched in May 2021. 

Since its inception, HAPP has raised over $1.3 billion from 15 global investors interested in accessing attractive risk-adjusted returns.

“Asia is ripe with opportunities to accelerate transformational improvements that create value for investors and Hines’ lifecycle integrated approach and broad and deep platform in its gateway markets makes us the ideal partner,” said David Steinbach, global chief investment officer, Hines. “Moreover, the new addition of a value-add strategy in Asia 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.”

To complement its seasoned team of regional and global investment management professionals, Hines has appointed Caleb Shen as senior managing director with oversight of HAREP, reporting to Chiang Ling Ng, chief investment officer, Asia at Hines.

Bringing nearly 25 years of integrated experience with both Asia-based and global firms, Shen was most recently head of Asia portfolio and asset management for GLP Capital Partners where he led the strategic review and ongoing assessment of all real estate assets. Other notable professional milestones include establishing CapitaLand Investment’s first-ever discretionary fund and serving as a member of the core team that launched Apollo Global Management’s Asia real estate investment platform and its inaugural Asia-focused real estate vehicle.

Earlier in his career, Shen held senior roles with CB Richard Ellis and LaSalle Investment Management with responsibility for asset acquisitions and dispositions and facilitation of joint ventures between developers and investors.

Shen is fluent in English and Mandarin and earned a Master of Business Administration from University of Chicago, Booth School of Business and a Bachelor of Arts from Washington University, St. Louis, School of Architecture.

“Caleb’s integrated expertise in portfolio management as well as his depth of knowledge and experience in real estate investing will be integral to advancing our value-add strategy while also benefitting the communities where we invest,” said Chiang Ling Ng.

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