Hines, the US-based international real estate firm, has commenced the initial public offering of Hines Global REIT, a public non-traded real estate investment trust. The company is seeking to raise a maximum of $3.5 bn (EUR 2.4 bn) from the offering.
Hines, the US-based international real estate firm, has commenced the initial public offering of Hines Global REIT, a public non-traded real estate investment trust. The company is seeking to raise a maximum of $3.5 bn (EUR 2.4 bn) from the offering.
Shares of Hines Global REIT will be sold through a network of broker dealers and financial advisors across the US. Hines is the sponsor of Hines Global REIT, and will be responsible for executing its real estate strategies and managing its day-to-day operations.
Hines said the Global REIT 'contemplates' investing in a diversified portfolio of quality commercial real estate properties and other real estate equity and debt investments, including office, retail, industrial and multi-family in both the US and internationally.
The REIT will attempt to capitalise on distress in the market to acquire properties at historically low prices and seek to make investments with value-add potential.
Charles Hazen, president of Hines Global REIT, said: 'In this challenging market, we see many opportunities on the horizon. We plan to make strategic acquisitions and dispositions, and will be seeking out undervalued assets as well as aggressively pursuing opportunities in markets around the world, which may offer additional diversification as well as attractive risk-adjusted returns. With Hines as our sponsor, we will have the advantage of tenure and expertise in developed markets, as well as in emerging markets such as Brazil, China, Russia, Poland and India.'
