(Read more on the debt and equitymarkets.)
HOUSTON-Hines has fully funded a second office fund to buyvalue-add properties in the US. The fund, backed by $828 million ofequity, has $2.7 billion of buying power.
The Hines US Office Value Added Fund II targets back-officeassets in the Top 20 markets. "Ideally, we want to find good,well-located office buildings that have some problems we can fix,"says the fund's manager, Hines senior vice president David Congdon.He explains that the targeted properties can have challengesranging from low occupancy to renovation or even value-addopportunities from additional development. "We're trying to focuson improving the assets' occupancy and income potential," he says,adding that hold periods will range from three to five years inorder to build value into the assets.
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