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Hines Sells Offices In $1.16B Deal To Blackstone Affiliate

Hines is looking to continue its liquidation with the $1.16B sale of seven office buildings to an affiliate of Blackstone Real Estate Partners VIII.

Combined, the properties comprise around 3M SF and span across the American West, from the Howard Hughes Center in LA to properties in Seattle and Redmond, WA, Bloomberg reports. Hines REIT says its board unanimously approved a liquidation and dissolution in order to take advantage of strong demand from institutional buyers, but the deal and liquidation plan are still subject to stockholder approval.

The REIT hopes to distribute from $6.35 to $6.65 a share back to its stockholders as a result of the liquidation. [Bloomberg]