Hines Global REIT’s board approves plan of liquidation
On April 23, 2018, the board of directors of Hines Global REIT unanimously approved a plan of liquidation.
“Because we’re seeing strong capital markets interest at the portfolio, sub-portfolio and individual asset level for our remaining high-quality assets, we believe the time is right to recommend a plan of liquidation for the company in an effort to bring liquidity and maximize value to our shareholders,” said Sherri Schugart, president and CEO of Hines Global REIT. The Hines Global REIT portfolio currently consists of 33 assets — representing 13.9 million square feet that is 90 percent leased, of which, approximately 61 percent is located throughout the United States and 39 percent is located internationally.
The plan is subject to the approval of the company’s shareholders at the annual shareholder meeting scheduled on July 17, 2018. Hines Global REIT filed a preliminary proxy statement with the Securities and Exchange Commission describing the proposed plan on April 25, 2018, and will submit it to the shareholders for their consideration along with Hines Global REIT’s definitive proxy statement following its filing with the SEC.
Hines Global REIT raised $3.1 billion in equity through April 2018. In total, Hines Global REIT acquired interests in 45 diversified properties, representing approximately 17.5 million square feet in the United States and abroad in Great Britain, Germany, France, Poland, Russia and Australia. Hines Global REIT has made strategic asset dispositions, including selling properties for a gross sales price of $998 million in 2017, as well as completing the sale of One Westferry Circus for a gross sales price of $153.5 million on April 12, 2018.
