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Hines REIT Hires Lazard for $5.5 Billion Deal

HOUSTON – Hines Global REIT, a privately-held entity based in Houston, has hired Lazard Ltd. to explore the sale of its $5.5 billion portfolio, according to Bloomberg.

The REIT owns all or part of 43 properties in the U.S., Europe, Russia and Australia. In Texas, holdings include the 322-unit WaterWall Place apartments adjacent to the Galleria in Houston, The Rim retail center in San Antonio and Southpark Commerce Center II in Austin.

The portfolio includes an office building at Canary Wharf in London and the headquarters of The Gap on Folsom Street in San Francisco.

The REIT is also exploring a merger or listing the REIT for public trading of its shares on a stock exchange.

Earlier this year, Hines reported that it has established an  estimated net asset value (“NAV”) per share of $10.241 as of December 31, 2015, a net increase of approximately 8.5% over its last valuation of $9.44 per share at the end of 2014.

“We are extremely pleased with the continued strong performance of the Company’s high-quality and well-diversified portfolio,” said Sherri Schugart, the Company’s President and chief executive officer, said in a March statement.

Hines Global REIT’s portfolio — 62% located in the United States, with the remainder in Great Britain, Germany, France, Australia, Poland and Russia – consists of 16.9 million square feet of office, retail, industrial, mixed-use and multifamily assets as of December 31, 2015.

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