Developer profile: How Hines went global
Hines is a graphic illustration of the rate of growth – and potential – in the real estate industry. Today it is as much an investment manager as a developer. It is present across the globe. And its latest focus is on developing markets, notably in the Middle East. Julian Marshall reports.
There is clearly something about Hines that encourages staff loyalty. The average length of service of its executives is an astonishing 28 years.
The privately owned, international real estate firm is still run by its founder Gerald Hines and his son Jeffrey.
The statistics are impressive. It controls assets valued at some $13.5 billion and has developed more than 205 million square feet in more than 650 properties since its foundation in 1957.
Hines does not stand still. The company realised the need to expand beyond the US and become international in the early 1990s when it moved into Europe, Latin America, China and Russia, and it is constantly seeking to open in new markets. Last year it opened in India and is now targeting the Middle East and North Africa.
With that in mind Hines has just sent one of its senior executives from its London office, Jürgen Herre, to Abu Dhabi to oversee development in the region as managing director for Hines Middle East and North Africa.