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Hines REIT Completes $1.35 Billion Sale of Office Assets

Disposition Mark Major Steps in Liquidation Plan
November 11, 2016
Hines Real Estate Investment Trust Inc. said it completed the sale of seven West Coast office assets to a Blackstone affiliate for $1.162 billion and the sale of another office property in Bellevue, WA to an affiliate of AEW Capital Management for $193 million.

This past week, shareholders approved a board-recommended plan to liquidate and dissolve Hines REIT, the first of three non-traded REITs sponsored by the Houston-based international real estate firm.

Hines REIT sold the following properties to Blackstone:
5th and Bell in Seattle, WA;
Daytona Buildings in Redmond, WA;
Laguna Buildings in Redmond, WA;
2851 Junction Avenue in San Jose, CA;
2100 Powell in Emeryville, CA;
1900 and 2000 Alameda in San Mateo, CA; and
Howard Hughes Center in Los Angeles, CA.

Hines also sold Civica Office Commons in Bellevue, Washington to AEW.

So far in 2016, Hines REIT has divested 22 of its directly owned properties for $2.3 billion, before transaction costs and retirement of debt.

In addition, during that same time period, Hines US Core Office Fund LP, in which Hines REIT owns a 28.8% LP interest, sold four of its properties for $762.7 million, before transaction costs and retirement of debt.

Hines REIT is liquidating the few remaining assets it owns directly and through its interest in Hines US Core Office Fund LP. Those sales are expected to close before year end, at which time the REIT plans to make a distribution to shareholders before the end of this year, and to make one or more additional liquidating distributions during the first quarter of 2017.

For more information on the sale of properties to Blackstone, see CoStar Sale Comp ID: 3750319.

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