Hines Real EstateInvestment Trust Inc., which plans to liquidate and itself, is calling on its stockholdersto reject an unsolicited mini-tender offer from MacKenzie Capital Management LP.

According to a letter made public July 20, MacKenzie is offeringto buy up to 1.5 million, or roughly 0.68%, of the company's outstanding commonshares at $4.50 apiece, net to the seller in cash.

Hines noted that MacKenzie's offer is "substantially lower"than the estimated distributions of roughly $6.35 to $6.65 per share that shareholderswould receive on or before Dec. 31 under its plan of liquidation and dissolution.As such, the company's board is recommending that shareholders reject the offer.

The plan, which is subject to shareholder approval, includesa roughly $1.16 billion deal to sell seven office assets to BRE Hydra Property OwnerLLC, a Blackstone Real Estate Partners VIII LP affiliate.