Hines Global REIT Sells $360 Million Logistics Portfolio to Blackstone Affiliate
Hines Global REIT Inc., a publicly registered non-traded real estate investment trust, has sold a portfolio of five logistics properties located in Germany to an affiliate of the Blackstone Group (NYSE: BX).
Hines Global REIT Inc., a publicly registered non-traded real estate investment trust, has 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), based on an exchange rate of $1.16 USD per Euro. The properties were sold as part of the REIT’s liquidation plan.
The five German properties include the Fiege Mega Centre located in Erfurt, Germany; the Simon Hegele Logistics property located in Forchheim, Germany; and the Harder Logistics Portfolio, which is comprised of three logistics facilities located in Duisburg, Karlsdorf, and Nuremburg, Germany
As previously reported by The DI Wire, 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.
In July 2018, Hines Global shareholders approved the company’s plan of liquidation, in which initial shareholders are expected to receive total distributions between $15.62 to $16.62 per share. Shares were originally sold for $10.00 each.
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.
