Hines offering real estate portfolio for sale: report

London

AN office building leased by Morgan Stanley in London's Canary Wharf district is being offered for sale by US real estate company Hines as part of a US$5.5 billion property portfolio disposal, according to a person with knowledge of the matter. The Houston-based company, which manages US$89.1 billion, has hired Lazard Ltd to advise on the sale of the properties in the Hines Global Reit, the person said. The real estate investment trust, which isn't publicly traded, owns all or part of 43 properties.

Hines Global Reit said it's evaluating a sale of assets, a sale or merger, a listing of shares on a national securities exchange or similar transaction in a March 28 filing to the SEC. There's no set timetable, a spokesman for the firm said.