Hines Global REIT Inc., a publicly registered non-traded real estate investment trust, has agreed to sell a portfolio of four properties located in Australia to Centuria Urban REIT for approximately $458.5 million (or A$645.8 million based on the exchange rate of $0.71 per AUD). The transaction is expected to close by November 7, 2018.
Centuria Urban REIT is a real estate investment trust based in Sydney, Australia and managed by Centuria Property Funds No. 2 Limited.
The properties include 818 Bourke Street in Melbourne, 100 Brookes Street in Brisbane, 825 Ann Street in Brisbane, and 465 Victoria Avenue in Sydney. Hines Global originally purchased the four properties between 2012 and 2014 for a combined $422.2 million.
818 Bourke Street, purchased in October 2014 for $135.6 million, is an eight-story Class A office building with 259,000 square feet of leasable space.
100 Brookes Street, purchased in July 2012 for $67.6 million, is a six-story Class A office building with 105,600 square feet of leasable space.
825 Ann Street, purchased in April 2013 for $128.2 million, is an eleven-story Class A office building with 206,500 square feet of leasable space.
465 Victoria Avenue, purchased in February 2013 for $90.8 million, is a fifteen-story Class A office building with 169,500 square feet of leasable space.
Centuria and its affiliates have funded earnest money deposits of approximately $28.4 million (A$40.0 million).
As reported by The DI Wire earlier this month, Hines Global REIT agreed to sell the Campus at Playa Vista, a four-building Class A office complex in Los Angeles, California, for approximately $335 million. The transaction is also expected to close next month.
Hines Global REIT, which launched in December 2008, 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 as of the second quarter of 2018, according to Summit Investment Research. In July 2018, Hines Global REIT shareholders approved the company’s plan of liquidation and dissolution.