The second follow-on offering for Hines Global Income Trust Inc., a publicly registered non-traded real estate investment trust, has been declared effective by the Securities and Exchange Commission.
The REIT raised approximately $1.3 billion in two previous offerings from inception in August 2014 through May 1, 2021.
The latest offering is comprised of $2 billion in common shares and $500 million in distribution reinvestment plan shares.
According to the prospectus, the REIT plans to invest in a diversified portfolio of commercial real estate properties and other real estate investments throughout the United States and internationally, and to a lesser extent, in real-estate related securities.
The offering is comprised of four new share classes: Class T, Class S, Class D, and Class I shares. The shares will be priced at each class’s net asset value per share plus applicable fees and commissions. The NAV per share was $10.15 as of April 30, 2021.
Class T shares are priced at $10.52 each, which includes selling commissions and dealer manager fees of up to 3.5 percent. The shares also include a 1 percent annual stockholder servicing fee.
Class S shares are priced for $10.52 each and include selling commissions of up to 3.5 percent and no dealer manager fee. The shares also include a 1 percent annual stockholder servicing fee.
Class D shares are priced at $10.15 each and include a 0.25 percent annual stockholder servicing fee, but no selling commission or dealer manager fee.
Class I shares are priced at $10.15 and have no selling commission, dealer manager fee, or stockholder servicing fee.
The minimum initial investment in Class T, Class S, and Class D shares is $2,500, while Class I shares have a minimum initial investment of $1 million.
The dealer manager for the offering is Hines Securities Inc.
Hines Global Income Trust owned 25 real estate investments totaling 12.5 million square feet of leasable space, as of May 28, 2021.