Hines, a leading global real assets investment manager, has announced the launch of a €500 million benchmark green bond for the Hines European Core Fund (HECF).
The transaction – the fund’s first issuance in the public bond markets – extends HECF’s access to long-term capital through public debt at a time when real estate liquidity and capital markets momentum are expected to improve across Europe.
Alfonso Munk, Global Co-Head of Investment Management at Hines, said: “Across living, industrial, retail and select prime office, repricing is creating opportunities to deploy with discipline, into sectors where we have high conviction. This transaction extends access to long-term capital at an important point in the cycle, as we expect to see liquidity return to European real estate and capital markets conditions continue to improve.
“By entering the public bond markets, we are adding a scalable and tradable source of debt capital alongside existing financing channels, strengthening liquidity and giving us even greater flexibility to move decisively where we see opportunities as the European real estate recovery develops.”
As of March 2026, HECF has a gross asset value of €3.78 billion. HECF is part of Hines’ global investment management platform and is led by Fund Manager Simone Pozzato. The 5-year Green, Senior Unsecured Notes are expected to be rated A- by Fitch Ratings, while HECF is rated BBB+ (Stable). The offering was met with strong investor demand, generating an order book exceeding €1.75 billion (~3.6x oversubscribed), underscoring strong market confidence in the Fund's credit quality and sustainability strategy.
BNP Paribas, Crédit Agricole CIB, and ING are acting as Global Coordinators and Joint Bookrunners, with ING serving as Sole ESG Structuring Coordinator. HECF is advised by Rothschild & Co.
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.
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Across living, industrial, retail and select prime office, repricing i...
