Home News Hines Global REIT Sells San Francisco Building for $342.5 Million, Issues Liquidating...

Hines Global REIT Sells San Francisco Building for $342.5 Million, Issues Liquidating Distribution

Hines Global REIT Inc., a publicly registered non-traded real estate investment trust, has completed the sale of 550 Terry Francois, a six-story Class A office building in San Francisco, California, for approximately $342.5 million. Additionally, the company issued a liquidating distribution to shareholders of $2.50 per share.

Hines Global REIT Inc., a publicly registered non-traded real estate investment trust, has completed the sale of 550 Terry Francois, a six-story Class A office building in San Francisco, California, for approximately $342.5 million. Additionally, the company issued a liquidating distribution to shareholders of $2.50 per share.

In accordance the company’s plan of liquidation and dissolution, which was approved by shareholders in July 2018, the $2.50 distribution will be paid to company stockholders of record at the close of business on February 13, 2019. This liquidating distribution will be paid in cash on February 15, 2019 and will be designated as a return of a portion of the stockholders’ invested capital. Since July 2018, the company has sold 21 properties in its portfolio and plans to announce its new net asset value next week.

After this liquidating distribution is paid on February 15, 2019, the company will have made aggregate special distributions, return of invested capital distributions, and liquidating distributions of approximately $4.00 per share between January 2018 and February 2019.

Hines Global REIT also completed the sale of 550 Terry Francois, which is fully leased to The Gap Inc., which purchased the property, and serves as the headquarters for its Old Navy brand. The REIT originally purchased the Class A, 283,000-square-foot property in September 2012 for $180 million.

Hines Global REIT launched in December 2008 and closed its offering in April 2014 after raising $2.7 billion in investor equity. The company’s portfolio is now comprised of 12 assets located in the U.S. and abroad.

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