Hines was represented by Colliers and DLA, with Jones Day acting for ACCIONA.
Hines, the international real estate firm, has signed a forward purchase agreement for a 31,000-square-meter multifamily rental residential scheme in Madrid, on behalf of the flagship Hines European Value Fund 2 (HEVF 2).
Located in one of Madrid’s fastest growing residential districts in the northeast of the city, the agreement to acquire the completed Valdebebas 125 scheme was agreed and signed off-market through the Hines local team in Spain from ACCIONA, listed on the Ibex 35 Spanish Stock Exchange.
Hines and ACCIONA worked closely together on the scheme design and specifications before signing the forward purchase agreement. ACCIONA will now develop and deliver the high-quality scheme, which is expected to be completed in 2022.
The project has been designed to obtain the highest environment certifications and Hines is committed to ensuring that the scheme will set a new benchmark for purpose-built rental residential real estate in Madrid.
Hines secured c.€637m of investor commitments at the first closing of HEVF 2 in December 2019, exceeding 50% of the € 1.25 billion total fund target. When factoring in leverage, the Fund is expected to have total purchasing power approaching €3 billion and is anticipated to be Hines Europe’s largest closed-ended fund to date.
The Jones Day team was led by Luis Jiménez-Díaz (Picture).
Involved fees earner: Luis Jiménez-Díaz – Jones Day;
Law Firms: Jones Day;
Clients: Acciona Inmobiliaria S.L.;