Hines REIT IPO Announced

Hines Interests LP, Houston, has announced an initial public offering of 200 million shares of common stock in Hines Real Estate Investment Trust at $10 each.Hines REIT is also offering up to 20 million shares of common stock at $9.50 per share under its dividend reinvestment plan, Hines Interests said. Hines Interests is a real estate investment and management firm that has been in the real estate financing and development area since 1957, according to the company. Hines REIT will invest in a "diversified portfolio of well-constructed office properties with quality tenants in desirable locations" in the United States. The REIT may also invest in non-office properties, mortgage loans, and ground leases outside the United States. Hines Real Estate Securities is managing the offering.