INDUSTRY NEWS

Hines purchases £35m City of London office block from UBS

Property investment and development firm Hines has announced that its Pan-European Core fund has acquired a £35m London office block in the City of London.

The firm acquired the 44,200 sq ft  Atlas House building on Kings Street from UBS Global Asset Management in an off-market deal.

The Grade II – listed property on 1 King Street provides five floors of offices and is located nearby the Bank of England. It was also recently refurbished.

The building is fully leased to Barclays Bank and also Executive Offices Group.

Hines European Core Fund (HECF)  is a European focused group created with the purpose of acquiring a portfolio of properties and commercial buildings across Europe for the firm. It is regulated by the Luxembourg Fonds de Commun de Placement (FCP-FIS).

The UK branch of Hines was established in 2000 and now has over three million sq ft of projects acquired, completed or in planning. The total value of which stands in excess of £750m.

In London, the firm has a number of assets including 280 High Holborn and Stonecutter Court in Midtown, Cannon Place in the City of London and One Grafton Street in Mayfair.

It has also recently acquired Broadgate West located in the heart of the City’s financial centre.

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