Jul
05
Hines REIT Seals $1.1B Deal with Blackstone
ByThe REIT will sell an approximately 3 million-square-foot office portfolio to a Blackstone affiliate, as part of its liquidation plan.
Howard Hughes Center, Los Angeles
Houston—Hines Real Estate Investment Trust Inc., one of three public non-listed REITs sponsored by Hines, plans to undertake its liquidation and dissolution, primarily through the cash sale, for $1.162 billion, of a portfolio of office assets, Hines has announced. The buyer of the office portfolio, consisting of seven properties on the West Coast, will be BRE Hydra Property Owner LLC, an affiliate of Blackstone Real Estate Partners VIII.
The plan, which at the moment remains subject to stockholder approval, “takes advantage of the current strong demand for high-quality assets by institutional buyers,” according to Hines…
