Key Takeaways
- • Hines appoints Tatiana Tezel as Fund Manager for Hines European Property Partners (HEPP), the firm's flagship European core-plus fund, effective March 2, 2026, signaling leadership continuity for its flagship strategy.
- • Tezel joins from BlackRock, where she served as Managing Director and Co-Portfolio Manager of BlackRock's Europe Property Fund VI, bringing nearly two decades of European real estate investment experience across logistics, living, office, retail, data centers, and hospitality sectors.
- • HEPP's appointment reflects accelerating capital inflows into Hines' European funds—the firm reports record capital deployment over the past 12 months—at a time when European real estate market liquidity is returning and investor demand remains strong.
- • The fund manager transition occurs as Hines prepares a €1.5 billion-plus European value-add fund sequel to HEREP III, positioning HEPP to capitalize on cyclical opportunities and structural drivers in European markets.
- • Alfonso Munk, Co-Head of Investment Management at Hines, emphasized that Tezel's sector expertise and investor relationships position HEPP to outperform through disciplined asset acquisition and active value creation via Hines' vertically integrated platform.
Summary
Hines, the global real estate investment manager, has appointed Tatiana Tezel as Fund Manager for Hines European Property Partners (HEPP), the firm's core-plus European fund, effective March 2, 2026. The appointment marks a strategic leadership reinforcement for HEPP at a pivotal moment in the European real estate investment cycle, as capital inflows accelerate and market liquidity returns.
Tezel brings substantial institutional credentials to the role, having served as Managing Director and Co-Portfolio Manager at BlackRock, where she managed BlackRock's Europe Property Fund VI. Over nearly two decades of European real estate experience, she has developed cross-sector expertise spanning logistics, living, office, retail, data centers, and hospitality—sectors central to modern European real estate strategies. Her responsibilities at BlackRock encompassed fund strategy, capital formation, capital deployment, and portfolio performance management across the platform.
The timing of Tezel's appointment aligns with robust capital demand for Hines' European strategy. According to Alfonso Munk, Co-Head of Investment Management at Hines, the firm has experienced record capital inflows into its European funds over the past 12 months, with no indication of slowdown. This momentum positions HEPP to execute its disciplined approach of acquiring well-priced, income-producing assets across Europe while leveraging Hines' vertically integrated platform for active asset management and value creation.
Tezel's appointment also precedes the anticipated launch of a successor value-add vehicle, as Hines prepares a €1.5 billion-plus European value-add fund following HEREP III. Her extensive investor relationships and sector fluency position her to drive capital formation while navigating the cyclical and structural opportunities emerging across European markets as the real estate investment landscape continues to stabilize and attract institutional allocators seeking resilient, liquidity-enhanced returns.
Tezel brings substantial institutional credentials to the role, having served as Managing Director and Co-Portfolio Manager at BlackRock, where she managed BlackRock's Europe Property Fund VI. Over nearly two decades of European real estate experience, she has developed cross-sector expertise spanning logistics, living, office, retail, data centers, and hospitality—sectors central to modern European real estate strategies. Her responsibilities at BlackRock encompassed fund strategy, capital formation, capital deployment, and portfolio performance management across the platform.
The timing of Tezel's appointment aligns with robust capital demand for Hines' European strategy. According to Alfonso Munk, Co-Head of Investment Management at Hines, the firm has experienced record capital inflows into its European funds over the past 12 months, with no indication of slowdown. This momentum positions HEPP to execute its disciplined approach of acquiring well-priced, income-producing assets across Europe while leveraging Hines' vertically integrated platform for active asset management and value creation.
Tezel's appointment also precedes the anticipated launch of a successor value-add vehicle, as Hines prepares a €1.5 billion-plus European value-add fund following HEREP III. Her extensive investor relationships and sector fluency position her to drive capital formation while navigating the cyclical and structural opportunities emerging across European markets as the real estate investment landscape continues to stabilize and attract institutional allocators seeking resilient, liquidity-enhanced returns.
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