Hines REIT plans putable offering of preferred shares through brokers

By Susanna Moon

Chicago, Sept. 29 - Hines Real Estate Investment Trust, Inc. distributed a letter to broker-dealers who sold its securities on Sept. 29 about a potential offering of preferred shares, according to an 8-K filing with the Securities and Exchange Commission.

The company said the preferreds would be putable and offer an "attractive fixed preferred dividend rate."

"We believe the current distress in the market may create attractive real estate investment opportunities at investment returns higher than those achieved over the last several years," the Houston-based REIT said in an exhibit to the filing.

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