Hines Global Income Trust Inc., a publicly registered non-traded real estate investment trust, announced that Hines Securities Inc. has successfully completed a $152 million offering of interests in HGIT 200 Park Place DST, a Delaware statutory trust. The private placement offering was launched in September 2022.
The DST owns 200 Park Place, a state-of-the-art office building in the River Oaks district of Houston, Texas, a live-work-play location.
“Given our vast real estate experience in the private wealth space, we were pleased to be able to help financial professionals meet the needs of their clients looking for a quality investment opportunity,” noted Alfonso Munk, chief investment officer – Americas for Hines. “Particularly given the general landscape of market uncertainty, the enthusiasm around the HGIT 200 Park Place DST shows that investors shared our conviction in the offering, as well as the asset, and trusted Hines as their investment partner.”
Completed in 2020, the 206,943-square-foot property located at 400 Westheimer Road is 100% leased to a diverse tenant roster and anchored by JLL and Buckeye Partners.
The asset was sourced by Hines Global Income Trust Inc., which has a $3.9 billion portfolio diversified by geography and property type with a focus on dynamic sectors and markets. The HGIT 200 Park Place DST is a subsidiary of the REIT.
As of June 30, 2023, Hines Global Income Trust owned direct real estate investments in 39 properties totaling 16.6 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, through which it is offering up to $2.5 billion in shares of common stock including $500.0 million of shares offered under its distribution reinvestment plan. As of June 30, 2023, the company had received gross offering proceeds of approximately $3.0 billion from the sale of 289.1 million shares through its public offerings, including shares issued pursuant to its distribution reinvestment plan.