Hines Global Income Trust Completes Sale of Bishop’s Square
(DUBLIN) – Hines, the interÂnaÂtionÂal real estate firm, announced today the sale of Bishop’s Square by Hines GlobÂal Income Trust, Inc. (“Hines GlobÂal”). The Class A office buildÂing, locatÂed in Dublin’s CenÂtral BusiÂness DisÂtrict, was acquired in 2015 and was sold to GLL Real Estate Partners.
“Bishop’s Square is a great examÂple of the valÂue the Hines orgaÂniÂzaÂtion can proÂvide,” said AlfonÂso Munk, Chief InvestÂment OffiÂcer, AmerÂiÂcÂas and PresÂiÂdent of Hines GlobÂal. ​“ComÂing out of the globÂal finanÂcial criÂsis, our research team idenÂtiÂfied the Dublin office marÂket as an attracÂtive locaÂtion based on strong office funÂdaÂmenÂtals and our Dublin team was able to capÂiÂtalÂize on their local marÂket knowlÂedge and existÂing relaÂtionÂships to acquire Bishop’s Square through an off-marÂket transaction.”
After acquirÂing the asset, Hines GlobÂal impleÂmentÂed enerÂgy-conÂserÂvaÂtion upgrades, buildÂing improveÂments and an expanÂsion which added 27,000 square feet. The more than 180,000-square-foot propÂerÂty is curÂrentÂly 100% leased with a weightÂed averÂage lease term of 11 years.
“I am very proud of the work we did to enhance Bishop’s Square as we delivÂered transÂforÂmaÂtive upgrades and improveÂments that will conÂtinÂue to enhance both the existÂing and future tenÂant expeÂriÂences,” said Hines Senior ManÂagÂing DirecÂtor and IreÂland CounÂtry Head, BriÂan Moran.
“The comÂpleÂtion of this transÂacÂtion in the curÂrent enviÂronÂment is furÂther tesÂtaÂment to the high qualÂiÂty of the asset and the forÂtiÂtude of Hines’ local Irish team,” said Senior ManÂagÂing DirecÂtor and Hines Global’s Chief OperÂatÂing OffiÂcer, JanÂice WalkÂer. ​“We are very pleased to have proÂvidÂed such an excelÂlent outÂcome for our investors.”
About Hines Global
Hines GlobÂal is a pubÂlic, non-tradÂed perÂpetÂuÂal real estate investÂment trust (REIT), sponÂsored by Hines, that invests in instiÂtuÂtionÂal-calÂiber priÂvate real estate from around the world. Hines GlobÂal comÂmenced operÂaÂtions in 2014, and seeks to invest in qualÂiÂty comÂmerÂcial real estate across a variÂety of asset classÂes, which may include office, retail, indusÂtriÂal, residential/​living, hosÂpiÂtalÂiÂty or leisure, with a portÂfoÂlio that totals 8.5 milÂlion square feet and 91 buildÂings. For addiÂtionÂal inforÂmaÂtion about Hines GlobÂal, visÂit www​.hinesse​cu​ri​ties​.com/​c​u​r​r​e​n​t​-​o​f​f​e​r​i​n​g​s​/​hgit/.
About Hines
Hines is a priÂvateÂly owned globÂal real estate investÂment firm foundÂed in 1957 with a presÂence in 205 cities in 24 counÂtries. Hines has approxÂiÂmateÂly $133.3 bilÂlion of assets under manÂageÂment, includÂing $71 bilÂlion for which Hines serves as an investÂment manÂagÂer, includÂing non-real estate assets, and $62.3 bilÂlion for which Hines proÂvides third-parÂty propÂerÂty-levÂel serÂvices. The firm has 165 develÂopÂments curÂrentÂly underÂway around the world. HisÂtorÂiÂcalÂly, Hines has develÂoped, redeÂvelÂoped or acquired 1,393 propÂerÂties, totalÂing over 459 milÂlion square feet. The firm’s curÂrent propÂerÂty and asset manÂageÂment portÂfoÂlio includes 539 propÂerÂties, repÂreÂsentÂing over 232 milÂlion square feet. With extenÂsive expeÂriÂence in investÂments across the risk specÂtrum and all propÂerÂty types, and a pioÂneerÂing comÂmitÂment to susÂtainÂabilÂiÂty, Hines is one of the largest and most-respectÂed real estate orgaÂniÂzaÂtions in the world. VisÂit www​.hines​.com for more information.
ForÂward-LookÂing Statements
StateÂments in this press release, includÂing intenÂtions, beliefs, or expecÂtaÂtions or proÂjecÂtions relatÂing to benÂeÂfits to be derived by tenÂants from the improveÂments at the propÂerÂty described hereÂin, are forÂward-lookÂing stateÂments withÂin the meanÂing of SecÂtion 27A of the SecuÂriÂties Act of 1933, as amendÂed, and SecÂtion 21E of the SecuÂriÂties Exchange Act of 1934, as amendÂed. Such stateÂments are based on curÂrent expecÂtaÂtions and assumpÂtions with respect to, among othÂer things, Hines Global’s expecÂtaÂtions regardÂing curÂrent and future tenÂants’ perÂcepÂtion of the valÂue creÂatÂed by the improveÂments made at the propÂerÂty by Hines GlobÂal, which may prove to be incorÂrect or inacÂcuÂrate. ImporÂtant facÂtors that could cause actuÂal results to difÂfer mateÂriÂalÂly from those in the forÂward-lookÂing stateÂments include the risks assoÂciÂatÂed with the tenÂants at Bishop’s Square not being satÂisÂfied with the conÂdiÂtions and ameniÂties at the propÂerÂty and othÂer risks described in the ​“Risk FacÂtors” secÂtion of Hines GlobÂal’s AnnuÂal Report on Form 10‑K for the year endÂed DecemÂber 31, 2019, as updatÂed by its othÂer filÂings with the SecuÂriÂties and Exchange ComÂmisÂsion. You are cauÂtioned not to place undue reliance on any forÂward-lookÂing statements.
Hines
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