Hines shopping $5.5B real estate portfolio: report

Set includes Canary Wharf office tower and Gap’s SF headquarters

TRD New York /
May.May 13, 2016 09:09 AM

Houston-based megadeveloper Hines is reportedly looking to unload the 43 properties held by its Hines Global REIT division.

The firm has hired financial services firm Lazard to advise on the potential sale of the portfolio, which is valued at $5.5 billion, Bloomberg reported, citing a source familiar with Hines’ planning.

About 62 percent of the properties owned by Hines Global REIT, a non-publically-traded real estate investment trust, are located throughout the United States. About 15 percent are in U.K., with the rest located in Australia, Germany, Poland, France and Russia.

The portfolio includes marquee assets such as the 448,000-square-foot office building at 25 Cabot Square on Canary Wharf in London and the global headquarters of Gap Inc at 2 Folsom Street in San Francisco.

None of the properties in the set are located in New York.

Hines manages $87 billion in real estate assets globally, and developed 7 Bryant Park in Midtown, as well as the MoMA condo tower at 53 West 53rd Street.

Last month, the company was tapped by Trinity Real Estate and Norges Bank to manage their 11-building, 5 million-square-foot portfolio in Hudson Square. Hines also paid about $35 million for a 1 percent stake in the properties.

Hines also paid $115 million, along with Welltower, for a development site at 139 East 56th Street, where they’re planning to construct a high-end assisted living center. The partners plan to charge rents at or above $20,000 per month. [Bloomberg]Ariel Stulberg


Related Articles

arrow_forward_ios
From left: Ryan Simonetti, Jamie Hodari and Gerald Hines with 717 Texas in Houston (left) and The Kearns Building in Salt Lake City (right)

Convene, Industrious partner with Hines to operate new locations across US

Condo at MoMA tower lists for $46M as developers fight over pricing and discounts

Condo at MoMA tower lists for $46M as developers fight over pricing and discounts

Welltower and Hines are planning more luxury housing for seniors in Manhattan

Welltower and Hines are planning more luxury housing for seniors in Manhattan

On the outside looking in: Jean Nouvel wishes he got to design interiors of 53W53

On the outside looking in: Jean Nouvel wishes he got to design interiors of 53W53

How Gerald Hines built an $89B real estate empire

How Gerald Hines built an $89B real estate empire

Old money: Assisted living on Billionaires’ Row

Old money: Assisted living on Billionaires’ Row

Hines, Welltower shell out $115M for East Side development site

Hines, Welltower shell out $115M for East Side development site

Trinity, Norges tap Hines to manage Hudson Square portfolio

Trinity, Norges tap Hines to manage Hudson Square portfolio

arrow_forward_ios