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.

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