US developer and fund manager Hines has opened an office in New Zealand, marking the company’s 11th Asia Pacific office location and seventh country since establishing a presence in the region in 1996.
To represent Hines in New Zealand, the firm has hired James Molloy, most recently of Auckland-based real estate fund manager Oyster Property Group. Molloy will manage the New Zealand office and source new acquisitions, investment and development opportunities in the country, Hines said Wednesday in a release.
Asia Pacific CEO Ray Lawler said Hines sees compelling opportunities in the island country, especially in the build-to-rent, value-add office and logistics/industrial sectors.
“At our core, Hines places a high value on sustainability, innovation and service, and these principles are critical to unlocking the full potential of New Zealand’s commercial real estate market,” Lawler said.
Extension of Aussie Business
Based in Auckland, Molloy will work closely with Hines head of Australia and New Zealand David Warneford, who is stationed in Sydney.
Molloy joins Hines after nearly 13 years at Oyster Property Group, where he was general manager of investment and a member of the executive team. During his tenure at Oyster, which is 50 percent owned by ASX-listed Cromwell Property Group, he helped set up the firm’s unlisted commercial property funds.
Molloy was involved in several high-profile property transactions, including Oyster’s 2016 acquisition of the Millennium Centre in Auckland for NZ$210 million (now $131 million), the largest-ever office transaction in New Zealand at the time.
A graduate of the University of Auckland, Molloy is a member of the Royal Institute of Chartered Surveyors.
Growing APAC Team
Hines has beefed up its Asia Pacific team in the last 12 months with some key appointments and office openings.
In October, the developer announced the opening of its Ho Chi Minh City office, the firm’s first location in Vietnam and second in Southeast Asia (after Singapore). Hines tapped Anh Hao Le, formerly of Sunny World Investment and Development, to lead operations in the country.
In August, Hines promoted Harry Lee to managing director and head of its Korea business just over a year and half after his joining Hines as a director based in Seoul.
In early 2022, Hines hired Lendlease veteran Sefton Campbell to set up and lead the firm’s conceptual construction group in Asia Pacific.
Privately owned Hines was founded in 1957 and now operates in 30 countries after the addition of New Zealand. The firm manages a $92.3 billion portfolio of assets across residential, logistics, retail, office and mixed-use strategies.