Everest Completes Hines Global REIT Tender Offer
Everest REIT Investors I LLC and Everest REIT Investors III LLC, two private real estate investment firms, have completed their unsolicited tender offer for shares of Hines Global REIT Inc., a publicly registered non-traded real estate investment trust.
Everest REIT Investors I LLC and Everest REIT Investors III LLC, two private real estate investment firms, have completed their unsolicited tender offer for shares of Hines Global REIT Inc., a publicly registered non-traded real estate investment trust.
Last month, Everest offered to purchase up to 13.6 million shares of Hines Global REIT common stock for $6.50 per share. Everest purchased approximately 342,500 shares for $2.2 million and now owns approximately 349,000 shares, or 0.1 percent of the outstanding shares.
Hines Global REIT shares originally sold for $10.00 each and have a net asset value per share of $9.04 as of December 31, 2017.
The board of Hines Global REIT Inc. recently approved the company’s plan of liquidation, which be voted by shareholders at the annual shareholder meeting scheduled on July 17, 2018.
The company currently expects that initial shareholders will have received aggregate distributions totaling between $15.62 to $16.62 per share upon successful execution of the plan of liquidation.
Hines Global REIT, which launched in December 2008, closed its offering in April 2014 after raising $2.7 billion in investor equity. The company oversees a $3.5 billion portfolio of 34 assets located in the U.S. and abroad, according to Summit Investment Research.
