Hines Global REIT Declares Liquidating Distribution
Hines Global REIT Inc., a publicly registered non-traded real estate investment trust, has declared a liquidating distribution to the company’s stockholders of record at the close of business on September 28, 2018.
Hines Global REIT Inc., a publicly registered non-traded real estate investment trust, has declared a liquidating distribution of approximately $0.05 to the company’s stockholders of record at the close of business on September 28, 2018. The distributions will be paid in cash on October 1, 2018.
In July 2018, Hines Global shareholders approved the company’s plan of liquidation, and the company expects to make aggregate liquidating distributions in the range of $8.83 to $9.83 per share. Initial shareholders are expected to receive total distributions between $15.62 to $16.62 per share. Shares were originally sold for $10.00 each.
All liquidating distributions will be designated by the company as a return of a portion of the stockholders’ invested capital and, as such, will reduce the stockholders’ remaining investment.
The DI Wire reported this week that Hines Global, as part of its liquidation plan, sold a portfolio of five logistics properties located in Germany to an affiliate of the Blackstone Group (NYSE: BX) for approximately $359.6 million (€310.0 million).
The Blackstone affiliate is also purchasing a portfolio comprised of five logistics facilities located in Warsaw, Katowice, and Wroclaw, Poland for approximately $167.3 million. The sale is expected to close this month.
Hines Global REIT launched in December 2008 and closed its offering in April 2014 after raising $2.7 billion in investor equity. The company oversees a $3.4 billion portfolio of 33 assets located in the U.S. and abroad, according to Summit Investment Research.
