Hines Global Income Trust Buys Three U.S. Properties for $525M
Hines Global Income Trust Inc., a $3.35 billion nontraded real estate investment trust sponsored by Hines, has acquired three U.S. properties in Atlanta, Dallas, and Columbus, Ohio, for a combined contract price of about $525.3 million, excluding transaction costs and closing prorations.
The purchases, which closed between Aug. 31 and Sept. 30, include a luxury apartment tower in Atlanta’s Buckhead neighborhood, a mixed-use residential and retail portfolio in Dallas’ Bishop Arts District, and a three-building industrial portfolio near Columbus.
The U.S. buying follows a summer in which the REIT sold four European industrial properties for about $163 million and bought a logistics asset in Germany, as AltsWire reported in August. The latest acquisitions were announced days after Hines disclosed that Jeff Hines will step down as the REIT’s chief executive officer and chair, effective Jan. 1, 2027, with Hines co-CEO Laura Hines-Pierce succeeding him.
“Selectivity matters more than ever. Across living, mixed-use, and industrial, our focus is on individual buildings and submarkets where leasing, tenant demand, and supply conditions are moving in the right direction,” said Ray Lawler, head of Americas at Hines.
99 West Paces, Atlanta: $237.8 million
The largest of the three deals, 99 West Paces is a 13-story, 312-unit multifamily tower completed in 2023, with about 380,700 square feet of net rentable area. The property is about 95% leased. The REIT closed the purchase Sept. 29. The price works out to roughly $762,000 per unit. The deal marks the REIT’s first multifamily property in Atlanta, and Hines Living will provide asset and property management, the company said. JLB Partners was the developer and owner.
Bishop Arts Portfolio, Dallas: $170.5 million
The Bishop Arts Portfolio spans nine buildings on nearly seven acres. It includes 539 apartment units totaling about 438,000 square feet, which are about 95% leased, and about 49,000 square feet of street-level retail that is 98% leased to 22 tenants. The deal closed Sept. 30. Public records show most of the buildings were owned by Bishop Arts LLC, which is owned by Exxir Capital.
Castings Commerce Center, Columbus: $117 million
Castings Commerce Center is an 862,000-square-foot Class A industrial portfolio of three buildings developed in 2024. It is 96% leased to five tenants, with a weighted average remaining lease term of 9.1 years. According to Hines, the portfolio is anchored by long-term leases with two Fortune 100 companies and benefits from a 15-year, 100% real estate tax abatement. The REIT closed the purchase Aug. 31. JLL represented the seller.
“We believe that together, these acquisitions reflect HGIT’s disciplined approach to investing in high-quality assets at the right basis in markets with durable demand,” said Alfonso Munk, global co-head of investment management at Hines.
Portfolio and NAV
As of Aug. 31, the REIT reported a net asset value of about $3.35 billion, or $9.83 per share, unchanged on a per-share basis from July 31. As of that date, it owned interests in 56 properties totaling 26.2 million square feet that were 94% leased, and its portfolio was 30% levered based on property valuations, the company said.
Real estate investments were valued at about $6.89 billion as of Aug. 31. Hines said that figure, which includes properties in the REIT’s Delaware statutory trust program, represents its gross asset value.
Hines Global Income Trust began operations in 2014 and invests in commercial real estate in the U.S. and internationally. It is externally managed by HGIT Advisors LP.
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