INDUSTRY NEWS

Hines and HSBC complete deal for Broadgate West London office

International real estate investment, development and management firm Hines and HSBC’s private baking arm have completed the acquisition of a London office building.

Two sources told Reuters that the deal was worth around £285 million. Located in the financial district, the first two phases of the development at Broadgate West have been purchased by Hines and HSBC.

Head of real estate fund management at HSBC Alternative Investments, Paul Forshaw, stated: “The acquisition of Broadgate West in joint venture with Hines fits our strategy of investing in high-quality office buildings with credit-tenants alongside strong local asset management partners.”

The office block was previously owned by Peter Marano, a former leasing director in the financial district of Canary Wharf . According to Reuters, many months of talks took place between Marano and Hines for the building, and at one stage Brookfield were also in talks.

However, they pulled out of talks in November last year (2011).

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