There is an
interview with Jeff Hines in today's
Wall Street Journal. No mention of Hines' non-traded REITs in the entire article, except maybe this passage:
WSJ: Regarding the fund business, I was
told it's not yet half of the overall business of Hines, but it is
approaching that. What is the balance then?
Mr. Hines: Up through the '80s, we were
basically a development firm. We would put a site together, and then go
find an investor who would decide whether to come into the deal or not.
The investor was making the ultimate decision of whether to invest in
that specific project. In the early '90s, we changed dramatically in three ways. One, we
went international. Two, we started to get into the acquisition business
as well as the development business. We found that our skill sets
worked just as – all of the things that help you make and manage a good
acquisition are all of the things we were doing on the development side.
The third big change was, when we went international, we went to Europe
and emerging markets. To get back to your original question, we now
have a big group of various funds that we've raised where we are playing
that fiduciary role. (Emphasis added.)
Or, maybe not with the follow-up question and answer:
WSJ: It's still the case that the investment management business is approaching being half the company?
Mr. Hines: In incremental (new)
business that we do, it's certainly more than that. Recently, we're
talking to a lot more very large investors and doing programmatic deals
with maybe one or two investors rather than 10 or 12. But, again, it's
one where we have discretion in most cases over making the decision of
where to invest.
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