MacKenzie Realty Capital Inc., CMG Partners LLC, and Coastal Realty Business Trust have completed their unsolicited tender offer for shares of Hines Global REIT Inc., a non-traded real estate investment trust. The companies were seeking to purchase up to 2.7 million shares for $6.15 each.
MacKenzie, CMG, and Coastal Realty purchased a total of 24,480 shares of Hines Global for approximately $150,550 and now own roughly 0.01 percent of the total outstanding shares.
In October, MacKenzie amended the tender offer to increase the number of shares sought to 13.6 million and to add Coastal Realty and CMG as purchasers. The three companies subsequently reduced the number of shares in the offer to 2.7 million.
Hines Global, which had a net asset value per share of $9.04 as of December 31, 2017, is currently in the process of selling its property portfolio after shareholders approved its liquidation and dissolution plan in July 2018.
The REIT’s board previously recommended that shareholders not sell their shares, noting that the $6.15 per share offer price is “substantially lower” than the expected estimated liquidating distributions of $8.83 to $9.83 per share they would receive if the plan is successfully completed.
In other Hines Global news, the company has agreed to sell 550 Terry Francois, a six-story Class A office building in San Francisco, California, for approximately $342.5 million, as reported by the DI Wire on Monday.
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.