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Photo credit: Wikimedia
Chase Tower, Dallas
Hines REIT, one of three public REITs sponsored by Hines, announced its board of directors unanimously voted to liquidate and dissolve the company. The plan, which is still subject to stockholder approval, seeks to take advantage of strong demand for high-quality assets from institutional buyers. Hines REIT will sell all seven of its West Coast assets for $1.16B cash to an affiliate of Blackstone. Hines will also sell Chase Tower in Dallas (above), 321 North Clark in Chicago and a grocery-anchored retail portfolio located primarily in the Southeast. As a result of the liquidation/company dissolution, stockholders are estimated to receive $6.35 to $6.65/share.
