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Hines Global Income Trust Fully Subscribes $77 Million Multifamily DST

Hines Global Income Trust Fully Subscribes $77 Million Multifamily DST. Alternative investments, REIT, real estate investment trust, DST, Delaware statutory trust, Hines Global Income Trust, Chicago

Hines Global Income Trust Inc. – a public, non-traded real estate investment trust sponsored by Hines – has successfully subscribed a HREX Multifamily I DST, a $77 million private placement offering. The DST owns EMME, an asset featuring resort-style amenities and immediate proximity to the diverse offerings of Chicago’s West Loop submarket.

Hines Global acquired the 14-story, 199-unit Class A multifamily development in June 2023 for a
net purchase price of $74.5 million. The property was 96% leased as of Sept. 30, 2023.

As of Jan. 31, 2024, Hines Global owned a $4.1 billion portfolio.

“Since launching Hines Global Income Trust almost 10 years ago, a companion 1031 exchange offering has been of growing interest from financial professionals and their clients,” noted Alfonso Munk, chief investment officer of the Americas for Hines. “We couldn’t be more pleased to help investors achieve their 1031 goals, as evidenced by the overwhelming response to HREX Multifamily I DST.”

The minimum investment in the DST was set at $250,000. The offering launched in September 2023 and targeted to raise nearly $79.9 million, inclusive of the maximum sales load.

As of Sept. 30, 2023, Hines Global Income Trust owned direct real estate investments in 40 properties totaling 17.3 million square feet that were 95% leased. The company launched its third public offering of up to $2.5 billion in shares of its common stock on June 2, 2021. As of the close of the third quarter of 2023, the company had received gross offering proceeds of approximately $3.2 billion from the sale of shares through its three public offerings, including shares issued pursuant to its distribution reinvestment plan.

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