Hines Global Income Trust Acquires Center Place

(PROV­I­DENCE, R.I.) – Hines, the inter­na­tion­al real estate firm, announced today that Hines Glob­al Income Trust, Inc. (“Hines Glob­al”) has acquired Cen­ter Place, a 223-unit urban mul­ti­fam­i­ly prop­er­ty in down­town Prov­i­dence, Rhode Island. 

Cen­ter Place has first-rate ameni­ties and offers recent­ly ren­o­vat­ed apart­ment units. Due to Cen­ter Place’s prox­im­i­ty to a vari­ety of med­ical insti­tu­tions and uni­ver­si­ties and the Prov­i­dence train sta­tion, the asset has been a long­time stal­wart per­former and is cur­rent­ly 97% leased to a diverse range of res­i­dents includ­ing col­lege edu­ca­tors, med­ical per­son­nel, stu­dents and pro­fes­sion­als work­ing in the Boston-Worces­ter-Prov­i­dence CSA.

“Hines is excit­ed to boost its North­east mul­ti­fam­i­ly pres­ence with the addi­tion of Cen­ter Place,” said Sean Sacks, man­ag­ing direc­tor at Hines. ​“Also known as the ​“Cre­ative Cap­i­tal”, the City of Prov­i­dence offers res­i­dents a vibrant, cul­tur­al­ly-rich urban lifestyle while being more afford­able and approachable.”

Cen­ter Place is con­ve­nient to major employ­ers includ­ing Rhode Island Hos­pi­tal, Tex­tron and Cit­i­zens Finan­cial HQ. The site is also walk­ing dis­tance to mul­ti­ple uni­ver­si­ties includ­ing Brown Uni­ver­si­ty, Rhode Island School of Design, John­son & Wales, and a wide range of din­ing and shop­ping options.

Man­ag­ing Direc­tor – Invest­ments of Hines Glob­al, Omar Thowfeek, added, ​“The acqui­si­tion of Cen­ter Place pro­vides Hines Glob­al more expo­sure to the liv­ing sec­tor, a prod­uct type that is a pri­ma­ry focus for the port­fo­lio. The asset is well‐​positioned to achieve pre­mi­um rents while main­tain­ing sta­bi­lized occupancy.”

The acqui­si­tion joins a $2.4 bil­lion port­fo­lio that is rough­ly two-thirds weight­ed toward the indus­tri­al and liv­ing sec­tors. Hines Glob­al is diver­si­fied by geog­ra­phy and real estate asset class, with a focus on dynam­ic sec­tors and markets.

About Hines Glob­al
Hines Glob­al is a pub­lic, non-list­ed real estate invest­ment trust spon­sored by Hines. It com­menced oper­a­tions in 2014 and invests in com­mer­cial real estate invest­ments locat­ed in the Unit­ed States and inter­na­tion­al­ly. For addi­tion­al infor­ma­tion about Hines Glob­al, vis­it www​.www​.hines​glob​al​in​cometrust​.com.

About Hines
Hines is a pri­vate­ly owned glob­al real estate invest­ment firm found­ed in 1957 with a pres­ence in 255 cities in 27 coun­tries. Hines over­sees invest­ment assets under man­age­ment total­ing approx­i­mate­ly $83.6 bil­lion¹. In addi­tion, Hines pro­vides third-par­ty prop­er­ty-lev­el ser­vices to more than 367 prop­er­ties total­ing 138.3 mil­lion square feet. His­tor­i­cal­ly, Hines has devel­oped, rede­vel­oped or acquired approx­i­mate­ly 1,486 prop­er­ties, total­ing over 492 mil­lion square feet. The firm cur­rent­ly has more than 171 devel­op­ments under­way around the world. With exten­sive expe­ri­ence in invest­ments across the risk spec­trum and all prop­er­ty types, and a foun­da­tion­al com­mit­ment to ESG, Hines is one of the largest and most-respect­ed real estate orga­ni­za­tions in the world. Vis­it www​.hines​.com for more information.

¹In­cludes both the glob­al Hines orga­ni­za­tion as well as RIA AUM as of June 30, 2021.

For­ward-Look­ing State­ments
State­ments in this press release, includ­ing inten­tions, beliefs, expec­ta­tions or pro­jec­tions relat­ing to the acqui­si­tion described here­in, are for­ward-look­ing state­ments with­in the mean­ing of Sec­tion 27A of the Secu­ri­ties Act of 1933, as amend­ed, and Sec­tion 21E of the Secu­ri­ties Exchange Act of 1934, as amend­ed. Such state­ments are based on cur­rent expec­ta­tions and assump­tions with respect to, among oth­er things, the poten­tial for growth in Prov­i­dence, Rhode Island, the poten­tial long-term per­for­mance of this prop­er­ty, future eco­nom­ic, com­pet­i­tive and mar­ket con­di­tions and future busi­ness deci­sions that may prove to be incor­rect or inac­cu­rate. Impor­tant fac­tors that could cause actu­al results to dif­fer mate­ri­al­ly from those in the for­ward-look­ing state­ments include the risks asso­ci­at­ed with Hines being able to suc­cess­ful­ly man­age the prop­er­ty, risks asso­ci­at­ed with an eco­nom­ic down­turn in the region, and oth­er risks described in the ​“Risk Fac­tors” sec­tion of Hines Glob­al’s Annu­al Report on Form 10‑K for the year end­ed Decem­ber 31, 2020, as updat­ed by its oth­er fil­ings with the Secu­ri­ties and Exchange Com­mis­sion. You are cau­tioned not to place undue reliance on any for­ward-look­ing statements.