Hines Global REIT II Acquires 395-Bed Student Housing Property in Reading, UK
October 26, 2017 | James Sprow | Blue Vault
On October 11, 2017, Hines Global REIT II, Inc. acquired from a W. P. Carey REIT affiliate, CPA 18, Pan-European Holding Cooperatief U.A. and Crown Students LLP, all of the share capital of WPC Reading 18-13 B.V. and WPC Reading Student Housing 18-18 B.V., for the sole purpose of acquiring Queen’s Court Student Residences, a student housing property located in Reading, United Kingdom. The contract purchase price for Queen’s Court was £49.2 million (approximately $65.3 million assuming a rate of $1.33 per GBP as of the acquisition date), exclusive of transaction costs and working capital reserves. Queen’s Court, originally built as an office building in 1985, was completely renovated in 2016 and converted into a student housing property. Queen’s Court consists of 395 beds and is 100% leased.
Hines Global II funded the acquisition using proceeds from its public offering and an advance under the uncommitted loan agreement dated October 2, 2017 between the Operating Partnership and Hines Interests Limited Partnership, an affiliate of Hines Global II. The estimated going-in capitalization rate for Queen’s Court is approximately 6.2%.
November and December 2017 Distributions
The board of directors of the Company has authorized the Company to declare distributions for the months of November and December 2017. Distributions for each Class A Share, Class T Share, and Class I Share will be calculated based on stockholders of record for each day of the month in November 2017. The November distributions will be at the rate of $0.001653699 per day for each share class, less the distribution and stockholder servicing fees that are payable with respect to Class T Shares and Class I Shares (as calculated on a daily basis). The December distributions will be at the rate of $0.001671233 per day for each share class, less the distribution and stockholder servicing fees that are payable with respect to Class T Shares and Class I Shares (as calculated on a daily basis).
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