By Mark Heschmeyer – CoStar
Global real estate investment firm Hines is joining the ranks of major institutional investors seeking to cash in some of their longer-held investments and lock-in returns at today’s high property valuations.
The Houston-based developer disclosed it is exploring strategic alternatives for two of its sponsored non-traded REITs: Hines Real Estate Investment Trust and Hines Global REIT. Hines said it is considering the usual list of alternatives for such investment vehicles, including selling individual or packages of properties, a sale or merger, or even listing the REITs’ shares on a national exchange.
Combined, the two REITs have raised and invested more than $5.6 billion from stock offerings, which Hines REIT has been doing since 2003 and Hines Global since 2008. Both completed their acquisition phases a little more than a year ago.