<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0708</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001494327</cik>
        <entityName>Hines Master Fund Management CO S.a.r.l. acting in its capacity as Management CO of Hines Real Estate Master FCP-FIS-Hines European Core Fund</entityName>
        <issuerAddress>
            <street1>2 Rue du Fort Bourbon</street1>
            <street2>n/a</street2>
            <city>LUXEMBOURG</city>
            <stateOrCountry>N4</stateOrCountry>
            <stateOrCountryDescription>LUXEMBOURG</stateOrCountryDescription>
            <zipCode>L-1249</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>3522643371</issuerPhoneNumber>
        <jurisdictionOfInc>LUXEMBOURG</jurisdictionOfInc>
        <edgarPreviousNameList>
            <previousName>Hines Master Fund Management CO S.a.r.l. acting in its capacity as Management CO of Hines Real Estate Master FCP-FIS-Hines Pan-European Core Fund</previousName>
        </edgarPreviousNameList>
        <entityType>Other</entityType>
        <entityTypeOtherDesc>Societe a responsabilite limitee</entityTypeOtherDesc>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>n/a</firstName>
                <middleName>n/a</middleName>
                <lastName>Hines International Real Estate Holdings LP</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>845 Texas Ave.</street1>
                <street2>Suite 3300</street2>
                <city>Houston</city>
                <stateOrCountry>TX</stateOrCountry>
                <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
                <zipCode>77002</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Kenneth</firstName>
                <middleName>n/a</middleName>
                <lastName>MacRae</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2 Rue du Fort Bourbon</street1>
                <street2>n/a</street2>
                <city>Luxembourg</city>
                <stateOrCountry>N4</stateOrCountry>
                <stateOrCountryDescription>LUXEMBOURG</stateOrCountryDescription>
                <zipCode>L-1249</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Manager and Director of the management company of the issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Peter</firstName>
                <middleName>n/a</middleName>
                <lastName>Baxter</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1 An de Leesen</street1>
                <street2>n/a</street2>
                <city>Contern</city>
                <stateOrCountry>N4</stateOrCountry>
                <stateOrCountryDescription>LUXEMBOURG</stateOrCountryDescription>
                <zipCode>L-5313</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director of the management company of the issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Arjan</firstName>
                <middleName>n/a</middleName>
                <lastName>Kirthi Singha</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>194 Rue Jean Francois Boch</street1>
                <street2>n/a</street2>
                <city>Luxembourg</city>
                <stateOrCountry>N4</stateOrCountry>
                <stateOrCountryDescription>LUXEMBOURG</stateOrCountryDescription>
                <zipCode>L-1244</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Manager and Director of the management company of the issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>n/a</firstName>
                <middleName>n/a</middleName>
                <lastName>Hines Luxembourg Investment Management S.a.r.l.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2 Rue du Fort Bourbon</street1>
                <street2>n/a</street2>
                <city>Luxembourg</city>
                <stateOrCountry>N4</stateOrCountry>
                <stateOrCountryDescription>LUXEMBOURG</stateOrCountryDescription>
                <zipCode>L-1249</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Alternative Investment Fund Manager (AIFM) of the issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Stephanie</firstName>
                <middleName>n/a</middleName>
                <lastName>Duval Sorgius</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2 Rue du Fort Bourbon</street1>
                <street2>n/a</street2>
                <city>Luxembourg</city>
                <stateOrCountry>N4</stateOrCountry>
                <stateOrCountryDescription>LUXEMBOURG</stateOrCountryDescription>
                <zipCode>L-1249</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Manager of the AIFM of the issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Aneta</firstName>
                <middleName>n/a</middleName>
                <lastName>Bondar</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2 Rue du Fort Bourbon</street1>
                <street2>n/a</street2>
                <city>Luxembourg</city>
                <stateOrCountry>N4</stateOrCountry>
                <stateOrCountryDescription>LUXEMBOURG</stateOrCountryDescription>
                <zipCode>L-1249</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Executive Officer of the AIFM of the issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Blazena</firstName>
                <middleName>n/a</middleName>
                <lastName>Grossmann</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2 Rue du Fort Bourbon</street1>
                <street2>n/a</street2>
                <city>Luxembourg</city>
                <stateOrCountry>N4</stateOrCountry>
                <stateOrCountryDescription>LUXEMBOURG</stateOrCountryDescription>
                <zipCode>L-1249</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Manager and Executive Officer of the AIFM of the Issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Christina</firstName>
                <middleName>n/a</middleName>
                <lastName>Kipper</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2 Rue du Fort Bourbon</street1>
                <street2>n/a</street2>
                <city>Luxembourg</city>
                <stateOrCountry>N4</stateOrCountry>
                <stateOrCountryDescription>LUXEMBOURG</stateOrCountryDescription>
                <zipCode>L-1249</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Executive Officer of the AIFM, responsible for Compliance and AML</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Other Investment Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>Decline to Disclose</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06c</item>
            <item>3C</item>
            <item>3C.5</item>
            <item>3C.7</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2010-06-14</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>5000000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Hines Private Wealth Solutions LLC</recipientName>
                <recipientCRDNumber>128145</recipientCRDNumber>
                <associatedBDName>Hines Private Wealth Solutions LLC</associatedBDName>
                <associatedBDCRDNumber>128145</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>845 Texas Avenue</street1>
                    <street2>Suite 3300</street2>
                    <city>Houston</city>
                    <stateOrCountry>TX</stateOrCountry>
                    <stateOrCountryDescription>TEXAS</stateOrCountryDescription>
                    <zipCode>77002</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Hines Europe Real Estate Investments Limited</recipientName>
                <recipientCRDNumber>None</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>6 Dryden Street</street1>
                    <street2>n/a</street2>
                    <city>London</city>
                    <stateOrCountry>X0</stateOrCountry>
                    <stateOrCountryDescription>UNITED KINGDOM</stateOrCountryDescription>
                    <zipCode>WC2E 9NH</zipCode>
                </recipientAddress>
                <statesOfSolicitationList></statesOfSolicitationList>
                <foreignSolicitation>true</foreignSolicitation>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>3003458266</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse>Amount shown in Items 11 and 13 is in Euros not dollars.</clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>86</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse>The Issuer does not bear the expense of any commissions or finders fees to the persons identified in Item 12. Expenses will be borne by the Management Company of the Issuer or its affiliates or allocated to the investor to
which these expenses relate.</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse>Proceeds not proposed to pay persons named in Item
3. The Issuers Management Company or designated
affiliate(s) is entitled to an asset management fee;
the carried interest investor is entitled to an incentive allocation from the issuer.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Hines Master Fund Management CO S.a.r.l. acting in its capacity as Management CO of Hines Real Estate Master FCP-FIS-Hines European Core Fund</issuerName>
                <signatureName>Kenneth MacRae</signatureName>
                <nameOfSigner>Kenneth MacRae</nameOfSigner>
                <signatureTitle>Director Hines Master Fund Management Co. S.a.r.l.</signatureTitle>
                <signatureDate>2026-03-24</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
