Hines has acquired the 103,000 sq ft Film House in London’s West End, on behalf of its Hines European Value Fund 3 (HEVF 3), for an undisclosed price.
The 1920s building, which was Nike’s former London HQ, provides 94,000 sq ft of office space and 9,000 sq ft of restaurant space on Wardour Street. The vacant office space will be refurbished by Hines to meet the highest ESG standards.
Paul White, senior managing director and HEVF 3 fund manager, at Hines, said: “The market environment remains challenging, and as a fund we have exercised high discipline over pipeline for the last year, despite raising a great deal of dry powder. When our origination channels do deliver a quality asset, in one of our most favoured locations in all of Europe, and with the potential to achieve top ESG credentials – we will invest. Film House is a third flagship acquisition, and we will now apply the full Hines skillset seeking to create additional value here.”
Jake Walsh, managing director of Hines in the UK, added: “Our focus is continuing to deliver high quality space in superb locations with first class ESG credentials for occupiers. Film House is testament to this, we have secured the asset in one of the West End’s most sought after locations against a backdrop of acute undersupply of Grade A next generation office stock in Central London. Given this prized location with unparalleled transport links, it once again demonstrates our conviction in the central London office market for the right prime opportunities.”
Savills advised Hines on the transaction.
