Mergers & Acquisitions ·
Hines Global Income Trust acquires three U.S. properties for $525M
HGITHines Global Income Trust, Inc.
Hines Global Income Trust acquired Castings Commerce Center in Columbus, Ohio, for approximately $117.0 million; 99 West Paces in Atlanta, Georgia, for approximately $237.8 million; and Bishop Arts Portfolio in Dallas, Texas, for approximately $170.5 million. The combined contract purchase price totals roughly $525.3 million exclusive of transaction costs and closing prorations. Castings Commerce Center is an 862,000-square-foot industrial property that is 96% leased. 99 West Paces is a 380,700-square-foot residential property that is 95% leased. Bishop Arts Portfolio comprises approximately 438,000 square feet of residential space and 49,000 square feet of retail space, with leasing rates of 95% and 98%, respectively. Hines Global Income Trust operates as a public, non-listed real estate investment trust that invests in commercial real estate.