Subsidiary Hines Air Property is the designated buyer. In Poyle on the western side of Heathrow Airport, Hines has bought a three-acre tract that will be developed into a $6.5-million, 75,000-sf industrial complex. The site, awaiting construction permits, has been bought from Alpha Airports Group. On the southeastern side of the airport, a 1.3-acre parcel is being ticketed for a 27,000-sf warehouse. That tract has been bought from London-based Prudential Real Estate Investment Company of America.

Hines has been active in the European real estate market since 1991. Since that time, the company has completed three major office and mixed-use complexes in Berlin; a 55-story office tower in Frankfurt; 250 single-family homes in Prague and suburban Paris; and a major office and hotel renovation in Paris. Hines currently is developing a 40-story, 700,000-sf office tower and 230,000-sf suburban office project in France; a major residential community in Moscow; a new 380,000-sf office building in Warsaw and a four million-sf, mixed-use project in Barcelona. In addition, Hines recently has acquired a 170,000-sf office building in Milan. The property is in line for a renovation.