NEWS

Hines Global Income Trust Completes Sale of Bishop’s Square

April 21, 2020

(DUBLIN) – Hines, the inter­na­tion­al real estate firm, announced today the sale of Bishop’s Square by Hines Glob­al Income Trust, Inc. (“Hines Glob­al”). The Class A office build­ing, locat­ed in Dublin’s Cen­tral Busi­ness Dis­trict, was acquired in 2015 and was sold to GLL Real Estate Partners.

Bishop’s Square is a great exam­ple of the val­ue the Hines orga­ni­za­tion can pro­vide,” said Alfon­so Munk, Chief Invest­ment Offi­cer, Amer­i­c­as and Pres­i­dent of Hines Glob­al. Com­ing out of the glob­al finan­cial cri­sis, our research team iden­ti­fied the Dublin office mar­ket as an attrac­tive loca­tion based on strong office fun­da­men­tals and our Dublin team was able to cap­i­tal­ize on their local mar­ket knowl­edge and exist­ing rela­tion­ships to acquire Bishop’s Square through an off-mar­ket transaction.”

After acquir­ing the asset, Hines Glob­al imple­ment­ed ener­gy-con­ser­va­tion upgrades, build­ing improve­ments and an expan­sion which added 27,000 square feet. The more than 180,000-square-foot prop­er­ty is cur­rent­ly 100% leased with a weight­ed aver­age lease term of 11 years.

I am very proud of the work we did to enhance Bishop’s Square as we deliv­ered trans­for­ma­tive upgrades and improve­ments that will con­tin­ue to enhance both the exist­ing and future ten­ant expe­ri­ences,” said Hines Senior Man­ag­ing Direc­tor and Ire­land Coun­try Head, Bri­an Moran.

The com­ple­tion of this trans­ac­tion in the cur­rent envi­ron­ment is fur­ther tes­ta­ment to the high qual­i­ty of the asset and the for­ti­tude of Hines’ local Irish team,” said Senior Man­ag­ing Direc­tor and Hines Global’s Chief Oper­at­ing Offi­cer, Jan­ice Walk­er. We are very pleased to have pro­vid­ed such an excel­lent out­come for our investors.”

About Hines Global

Hines Glob­al is a pub­lic, non-trad­ed per­pet­u­al real estate invest­ment trust (REIT), spon­sored by Hines, that invests in insti­tu­tion­al-cal­iber pri­vate real estate from around the world. Hines Glob­al com­menced oper­a­tions in 2014, and seeks to invest in qual­i­ty com­mer­cial real estate across a vari­ety of asset class­es, which may include office, retail, indus­tri­al, residential/​living, hos­pi­tal­i­ty or leisure, with a port­fo­lio that totals 8.5 mil­lion square feet and 91 build­ings. For addi­tion­al infor­ma­tion about Hines Glob­al, vis­it 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 pri­vate­ly owned glob­al real estate invest­ment firm found­ed in 1957 with a pres­ence in 205 cities in 24 coun­tries. Hines has approx­i­mate­ly $133.3 bil­lion of assets under man­age­ment, includ­ing $71 bil­lion for which Hines serves as an invest­ment man­ag­er, includ­ing non-real estate assets, and $62.3 bil­lion for which Hines pro­vides third-par­ty prop­er­ty-lev­el ser­vices. The firm has 165 devel­op­ments cur­rent­ly under­way around the world. His­tor­i­cal­ly, Hines has devel­oped, rede­vel­oped or acquired 1,393 prop­er­ties, total­ing over 459 mil­lion square feet. The firm’s cur­rent prop­er­ty and asset man­age­ment port­fo­lio includes 539 prop­er­ties, rep­re­sent­ing over 232 mil­lion square feet. With exten­sive expe­ri­ence in invest­ments across the risk spec­trum and all prop­er­ty types, and a pio­neer­ing com­mit­ment to sus­tain­abil­i­ty, Hines is one of the largest and most-respect­ed real estate orga­ni­za­tions in the world. Vis­it www​.hines​.com for more information.

For­ward-Look­ing Statements

State­ments in this press release, includ­ing inten­tions, beliefs, or expec­ta­tions or pro­jec­tions relat­ing to ben­e­fits to be derived by ten­ants from the improve­ments at the prop­er­ty 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, Hines Global’s expec­ta­tions regard­ing cur­rent and future ten­ants’ per­cep­tion of the val­ue cre­at­ed by the improve­ments made at the prop­er­ty by Hines Glob­al, which 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 the ten­ants at Bishop’s Square not being sat­is­fied with the con­di­tions and ameni­ties at the prop­er­ty 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, 2019, 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.

Press Contacts
George C. Lancaster

Senior Vice President
Corporate Communications
713 966 7676