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Hines Global REIT units to sell German, Polish assets for €450M

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Hines Global REIT units to sell German, Polish assets for €450M

Units of diversified real estate investment trust Hines Global REIT Inc. struck separate deals to sell German and Polish logistics properties to units of Blackstone Group LP for an aggregate of €450.0 million.

Hines Global REIT Properties LP, the REIT's operating partnership, signed a deal with Gemini German Majority Holdco SARL and Gemini German Minority Holdco SARL to sell its stakes in the Fiege Mega Centre, the Harder Logistics Portfolio and the Simon Hegele Logistics property. The assets are spread across Erfurt, Duisburg, Karlsdorf, Nuremburg and Forchheim in Germany.

Five wholly owned units of the operating partnership also agreed to sell a Polish logistics portfolio to Gemini Poland Holdco SARL. The portfolio contains five logistics facilities in Warsaw, Katowice and Wroclaw.

Hines Global expects to complete the German and Poland asset sales in August and September, respectively, subject to certain closing conditions.