Hines Real Estate Investment Trust has completed the sale of seven West Coast office assets to a Blackstone affiliate for $1.162 billion.
Shareholders approved the board-recommended plan to liquidate and dissolve Hines REIT during its annual shareholder meeting on November 7. Hines REIT was the first of three non-traded REITs sponsored by the international real estate firm.
So far in 2016, Hines REIT has sold 22 of its directly owned properties for $2.3 billion. In addition, during that same time period, the Hines US Core Office Fund LP, in which Hines REIT owns a 28.8 percent limited partner interest, sold four of its properties for $762.7 million.
Hines REIT is in the process of liquidating the few remaining assets it owns directly and through its interest in Hines US Core Office Fund LP and currently anticipates those sales will be completed before year end.
“The sale of seven of our West Coast office assets to a Blackstone affiliate was a significant and positive transaction and a result of our focus on maximizing the assets’ appeal to the institutional market and providing Hines REIT’s investors with an attractive outcome,” said Sherri Schugart, President and CEO of Hines REIT.
“The vast majority of our investors will have experienced a positive return on their investment given the cash distributions we have paid through the years combined with capital we expect to return to investors.”
