Hines REIT Shareholders Approve Liquidation Plan
November 8, 2016 | by DI Wire
Shareholders of Hines Real Estate Investment Trust, Inc., a publicly registered non-traded real estate investment trust, approved the liquidation and dissolution of the company, according to a filing with the Securities and Exchange Commission. The REIT’s board of directors unanimously approved the plan at the end of June.
The liquidation plan includes Hines REIT entering into a definitive agreement to sell seven West Coast office assets in a cash transaction for approximately $1.2 billion to an affiliate of Blackstone Real Estate Partners VIII. The company previously noted that the plan takes advantage of the current strong demand for high-quality assets by institutional buyers.
Hines REIT estimates that the net proceeds of approximately $6.35 to $6.65 per share of common stock will be distributed to shareholders on or before December 31st. The company previously distributed $1.01 per share from July 2011 through April 2013 which was designated as partial return of invested capital.
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