Hines Global REIT Inc., a publicly registered non-traded real estate investment trust, has completed the sale of 550 Terry Francois, a six-story Class A office building in San Francisco, California, for approximately $342.5 million. Additionally, the company issued a liquidating distribution to shareholders of $2.50 per share.
In accordance, the company’s plan of liquidation and dissolution, which was approved by shareholders in July 2018, the $2.50 distribution will be paid to company stockholders of record at the close of business on February 13, 2019. This liquidating distribution will be paid in cash on February 15, 2019 and will be designated as a return of a portion of the stockholders’ invested capital. Since July 2018, the company has sold 21 properties in its portfolio and plans to announce its new net asset value next week.
SOURCE: The DI Wire