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A $4.5B global REIT managed by Hines has arranged a new $1.4B debt facility from a group of banks led by JPMorgan in one of the largest real estate refinancings of the past few years.
Hines Global Income Trust said it secured the new facility to refinance loans originated in 2021.
The debt facility is split into two parts: a $650M senior unsecured revolving credit facility and a $700M senior unsecured term loan. The debt matures in March 2028, with two one-year extension options.
Hines said $740M of the debt was drawn down at the close of the facility and that the margin on the debt ranged from 1.4% to 2.15% above base rates.
JPMorgan is leading the deal, but the debt is coming from a group of 12 lenders, including Bank of America, Wells Fargo, Regions Bank, ING and Truist.
Hines Global Income Trust is a nontraded REIT, meaning it has a REIT structure but its shares are not traded on a stock exchange.
It owns 45 assets, 29 of which are in the U.S. and 16 are in Europe. Its largest concentration is in industrial assets at 35%, with another 32% in living sectors, 14% in offices, 9% in retail and 10% in other assorted asset classes.
The portfolio totals 19.5M SF and is 96% leased. Its largest single office project is the 774K SF IBM 500 Campus in Durham, North Carolina.
Its largest industrial asset is the 6000 Schertz building in Schertz, Texas.
In the UK it owns five industrial developments and two student accommodation properties.
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