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| Hines REIT sells properties in Brazil Houston-based Hines, the international real estate firm, announced that Hines Real Estate Investment Trust, Inc. (Hines REIT) recently completed the sales of three Brazilian industrial properties – Distribution Park Araucaria, Distribution Park Elouveira and Distribution Park Vinhedo – to BR Properties SA of Brazil. Hines REIT acquired these assets in December 2008 for approximately $116.2 million USD and sold them for $127.9 million USD, after transaction costs and local taxes.Hines is the sponsor Hines REIT, and is responsible for the acquisition, disposition, management and leasingof the majority of its assets. Distribution Park Araucaria is a Class A industrial park located in Araucaria, an industrial district of Greater Curitiba. The 459, 587-square-foot single-story build-to-suit warehouse was developed in 2006.Distribution Park Elouveira and Distribution Park Vinhedo are Class A industrial parks located in Louveira, an excellent logistics location near São Paulo. These facilities contain approximately 1.1 million square feet in the aggregate and were developed between 2006 and 2008.These properties are fully leased to DHL, which provides logistics services to Kraft, Hewlett-Packard, Nike and Samsung. write your comments about the article :: © 2010 Construction News :: home page |