Hines has formed a strategic alliance with the Abu Dhabi National Property Company (ADNP), the real estate subsidiary of the National Bank of Abu Dhabi, to co-manage assets across the Middle East.
“The alliance will deliver a full range of value-creating property management services at the strategic, tactical and operational levels to institutional owners, high net worth individuals and banks involved in real estate,” the firms said in a statement, adding they would soon make public their first deal.
The partnership comes less than a month after news broke of Hines’ plans to form a $1 billion distressed asset fund targeting real estate in the region.
ADNP already manages more than 8,000 real estate assets and provides real estate management services including valuations. Hines manages more than 118 million square feet of real estate worldwide.
ADNP general manager Graham Hallet said: “Institutional owners are looking for ways to mitigate risk while adding to their assets, and we intend to provide a menu of effective solutions.”
According to a report by The Gulf Daily News earlier this month, Hines’ Middle East and North Africa head Jurgen Herre, said the firm would seek investments of between $50 million and $250 million, as well as leverage, in order to invest in up to 12 large acquisitions. Dubai will be among the target countries for the vehicle.