Baker Botts represented Hines Real Estate Investment Trust in its sale of seven West Coast office assets for $1.162 billion in cash to an affiliate of Blackstone Real Estate Partners VIII, which turned to Simpson Thacher & Bartlett.
On Nov. 11, Hines REIT announced the completion of the sale, which occurred after its shareholders approved a plan during the annual shareholder meeting on Nov. 7 to liquidate and dissolve the REIT. According to the REIT, it will liquidate the few remaining assets it owns directly and through its interest in Hines US Core Office Fund by year end. Hines REIT expects to distribute a significant portion of the net proceeds from the assets sales to shareholders.
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