Hines Global REIT Sells Five European Logistics Facilities to Blackstone Affiliate
Hines Global REIT Inc., a publicly registered non-traded real estate investment trust, has sold five logistics facilities located in Poland to affiliates of the Blackstone Group (NYSE: BX).
Hines Global REIT Inc., a publicly registered non-traded real estate investment trust, has sold five logistics facilities located in Poland to affiliates of the Blackstone Group (NYSE: BX) for approximately $159.6 million (€140.0 million), based on an exchange rate of $1.14 per Euro.
The properties are located in Warsaw, Katowice, and Wroclaw, Poland and were sold as part of the company’s plan of liquidation that was approved by shareholders in July 2018.
Last month, the same Blackstone affiliate, Gemini Poland Holdco S.à r.l., completed its purchase of five logistics properties located in Duisburg, Karlsdorf, and Nuremburg, Germany for approximately $359.6 million (€310.0 million).
In other company news, the REIT recently agreed to sell 550 Terry Francois, a six-story Class A office building in San Francisco, California, for approximately $342.5 million. The sale is expected to close early next year.
Hines Global REIT launched in December 2008 and closed its offering in April 2014 after raising $2.7 billion in investor equity. As of the third quarter of 2018, the company oversaw a multi-billion-dollar portfolio of 27 assets located in the U.S. and abroad, according to Summit Investment Research.
