Hines, a leading global real assets investment manager, has announced the successful first close of Hines European Real Estate Partners IV (HEREP IV), securing more than €500 million of capital commitments. The investor base comprises existing and new institutional investors, including sovereign wealth funds, pension funds and insurance companies, from across Europe and the Americas. The commitments come as the European market moves beyond a broad repricing cycle, creating more attractive entry points for value-add capital.
HEREP IV, the fourth fund in Hines' European value-add series, is targeting a total fund size of €1.5 billion. Capital deployment is already underway in key markets, supported by an active pipeline across living, industrial, retail, prime office and alternative sectors.
Following the repricing cycle, Hines believes the current vintage offers attractive entry points for value-add investing. Asset values have reset while occupier demand remains resilient, new construction is limited and capital markets sentiment is improving. These conditions are creating opportunities across sectors supported by structural tailwinds, including housing undersupply in major cities, constrained logistics supply, demand for high-quality office space and the recovery of select retail formats.
Alfonso Munk, Global Co-Head of Investment Management at Hines, said:
“This successful first close of HEREP IV reflects continued investor interest in the Hines global platform, our European strategy, and our ability to create value across market cycles.
“Europe is entering a more attractive deployment environment, with improving capital markets conditions and supply constraints creating opportunities for disciplined investors with conviction and local insight. That is where Hines could have a clear advantage. Deployment is already underway, supported by an active pipeline that includes off-market opportunities sourced by our teams across Europe.
“We believe this vintage offers a strong combination of more attractive entry pricing and long-term structural demand. Our focus is on assets where active management and local execution can unlock durable value.”
HEREP IV follows HEREP III, which raised more than €1.6 billion in equity commitments in 2023, exceeding its fundraising target and making it one of Europe's largest closed-end value-add real estate funds. Together, the HEREP series is expected to hold close to €5 billion in equity commitments across four fund vintages.
The series is led by Fund Manager Methan Milkhu and is part of Hines’ global fund suite spanning core, core plus and opportunistic strategies deploying across Europe, the Americas and Asia Pacific on behalf of institutional and retail investors. Together, these vehicles provide global access to priority real assets sectors across risk profiles, supported by Hines’ vertically integrated platform and local market expertise.
About Hines
Hines is a leading global real estate investment manager. Hines owns and operates €78.1 billion1 of assets across property types and on behalf of a diverse group of institutional and private wealth clients. Every day, Hines’ 4,600 employees in 30 countries draw on its 69-year history to build the world forward by investing in, developing, and managing real estate. To learn more, visit www.hines.com and follow @Hines on social media.
¹Includes both the global Hines organization and RIA AUM as of December 31, 2025.
About the Hines European Real Estate Partners Fund Series
HEREP is a euro-denominated, Luxembourg-based series of close-ended investment funds. Managed by Hines, its objective is to acquire a diversified portfolio of prime value-add commercial and residential real estate investments throughout the major European markets on behalf of institutional investors.
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