North America

Hines REIT to sell seven US offices

Hines REIT is selling seven offices in the US to an affiliate of Blackstone for $1.2 bn (£0.9bn) as part of the liquidation and dissolution of the company.

The REIT, which is one of three public non-listed REITS sponsored by Hines, has agreed to sell the West Coast offices which include Chase Tower in Dallas, 321 North Clark in Chicago and a grocery-anchored retail portfolio.

Hines said the plan, which is dependent on stockholder approval, will take advantage of the “current strong demand for high-quality assets by institutional buyers.”

The REIT plans to distribute $6.35 to $6.65 a share to its stockholders as a result of the liquidation.

Eastdil Secured acted for Hines REIT.

Other News

Accor checks in to the millennial mindset

The furniture is inflatable and the tables are on wheels. Even the kitchen units can be swiftly moved aside if a party breaks out. There… Read more »

N North America

China’s Belt and Road initiative

An initiative is emerging from the depths of Asia that will transform economic growth, construction, investment and trade. Not just in China – which is… Read more »

N North America

Lessons in Shariah compliance

It is not just about the prohibition of interest The prohibition on the charging of interest (or riba) is probably the most well-known aspect of… Read more »

N North America