Hines Raises $1.5 Billion for Property in Largest Canada Cities
- Firm may buy assets instead of developing amid rising costs
- Central bank tightening heaps pressure on real estate markets
CIBC Square, on Toronto’s Bay Street, was co-developed by real estate investment firm Hines Interests LP.
Photographer: Della Rollins/BloombergThis article is for subscribers only.
Real estate investment firm Hines Interests LP raised C$2 billion ($1.5 billion) to buy property in Canada, seeking to capitalize on the volatility in markets created by rising interest rates.
The fund, the second of its kind for the firm in Canada, will look for development and redevelopment opportunities in major cities, Avi Tesciuba, the head of Hines Canada, said in an interview. The firm’s focus is on four large business centers -- Toronto, Vancouver, Montreal and Calgary.