Hines confirmed it is is in the process of selling off its real estate holdings in Russia. Pictured is an elevator lobby at Hines' new headquarters in Texas Tower in downtown Houston.Houston-based real estate giant Hines has started the process of divesting from Russia, almost a year after the firm stopped making new investments in the country in the wake of its invasion of Ukraine.
Hines has been in Russia since 1992, shortly after the fall of the Soviet Union, and has amassed about $2.3 billion worth of properties in its portfolio, according to its website.not long after the Ukraine-Russia war started on Feb. 24, 2022, but it had stopped short of committing to selling its assets in Russia.
“These exits are being diligently and responsibly undertaken in coordination with investors and partners as we execute our fiduciary responsibilities,” a Hines spokeswoman said in an email. “The process is complex and requires us to be fully compliant with multiple sanctions, government requirements and necessary regulatory approvals"