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Hines, TCW Selling Majority Stake in Millennium Tower

BEIJING-The interest in the 24-story, 600,000-sf class A office building is being sold to Hyundai Motor Company of Korea and its affiliates, Kia Motors and Hyundai Mobis. Hines and Trust Company of the West purchased the building in 2001 from its developer, Hyundai Engineering & Construction Co. of Korea and its affiliates. It was 40% leased at the time; the price was $95 million.

By Brian K. Miller | Updated on August 27, 2004

BEIJING-Hines and Trust Company of the West said Friday its Emerging Markets Fund II is selling a controlling interest in the Millennium Tower here to Hyundai Motor Company of Korea and its affiliates, Kia Motors and Hyundai Mobis. The percentage interest being sold and the sale price have not been revealed by the parties involved and were not otherwise immediately available.Hines and TCW purchased the 24-story, 600,000-sf class A office building in 2001 from its developer, Hyundai Engineering & Construction Co. of Korea and its affiliates. The building was 40% leased at the time and the purchase price was $95 million. The building is now 100% leased, says Hines. Completed in 2000, Millennium Tower is located in Beijing’s new Embassy District near the Lufthansa Center just outside the 3rd ring road at the Airport Expressway. Tenants include Motor Company, Microsoft, ConocoPhillips, BMW, Veolia and EMC2. Hines will continue to manage and lease the property. Hines continues to own Embassy House, its nearby luxury apartment development, and is currently developing Park Avenue, a five-building residential complex in Beijing containing 2.7 million sf in three 30-story buildings, one 16-story building and one 10-story building.Hines and TCW formed the inaugural Emerging Markets Fund (EMF I) in 1996. EMF II was formed in 1999. The funds were created to finance the acquisition, renovation and development of office, residential and mixed-use properties in emerging market countries and Western Europe, says Hines. To date, the funds have invested in projects in Brazil, China, France, Germany, Italy, Mexico, Poland and Russia with a total capitalization of more than $1.4 billion.

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