Hines Global REIT Inc., a publicly registered non-traded real estate investment trust, has agreed to sell 10 logistics properties located in Germany and Poland to affiliates of the Blackstone Group (NYSE: BX) for approximately $526.9 million (€450.0 million), excluding closing costs. REIT shareholders approved the company’s plan of liquidation and dissolution earlier this month.

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.

The Poland Logistics Portfolio is comprised of five logistics facilities located in Warsaw, Katowice, and Wroclaw, Poland.

The Blackstone affiliate funded earnest money deposits of $52.7 million (€45.0 million) for the 10 properties, which Hines Global REIT noted are being treated as one combined transaction.

Hines Global expects to close the sale of the German properties in August 2018 and the Poland Logistics Portfolio in September 2018.

Earlier this month, 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, which launched in December 2008, closed its offering in April 2014 after raising $2.7 billion in investor equity. The company oversees a $3.5 billion portfolio of 34 assets located in the U.S. and abroad, according to Summit Investment Research.

SOURCE: The DI Wire

By 4 Comments August 1, 2018

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