UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of Earliest Event Reported):
|
March
5, 2010
|
Hines
Global REIT, Inc.
__________________________________________
(Exact
name of registrant as specified in its charter)
Maryland
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333-156742
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26-3999995
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_____________________
(State
or other jurisdiction
|
_____________
(Commission
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______________
(I.R.S.
Employer
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of
incorporation)
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File
Number)
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Identification
No.)
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2800
Post Oak Blvd, Suite 5000, Houston, Texas
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77056-6118
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|
_________________________________
(Address
of principal executive offices)
|
___________
(Zip
Code)
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Registrant’s
telephone number, including area code:
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(888)
220-6121
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Not
Applicable
______________________________________________
Former
name or former address, if changed since last report
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
[ ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
Item 1.01 Entry into a Material
Definitive Agreement.
On March
5, 2010, Hines Global REIT Properties LP (the "Operating Partnership"), a
subsidiary of Hines Global REIT, Inc. ("Hines Global"), entered into a
contract with Brickman Durham LLC (the "Seller") to acquire Hock
Plaza, a
12-story office building located in the North Durham submarket of
Durham, North Carolina. The Seller is not affiliated with
Hines Global or its affiliates.
Hock
Plaza was constructed in 2004 and consists of 327,160 square feet of
rentable area that is 98% leased to Duke University and the Duke University
Health System under leases that expire in October 2019.
The
contract purchase price for Hock Plaza is expected to be approximately $98.3
million, exclusive of transaction costs, financing fees and working capital
reserves. Hines Global expects to fund the acquisition using proceeds from its
current public offering and the assumption of an existing $80 million mortgage
loan. The mortgage loan matures in December 2015 and has a fixed interest
rate of 5.58%.
Hines
Global expects the closing of this acquisition to occur in June 2010,
subject to a number of closing conditions. Hines Global funded a $1.0 million
earnest money deposit on March 8, 2010 and expects to fund an additional $4.0
million earnest money deposit on March 22, 2010. There is no guarantee that this
acquisition will be consummated, and, if Hines Global elects not to close on the
acquisition of Hock Plaza, it will forfeit its earnest money
deposits.
Statements
in this Current Report on Form 8-K, including intentions, beliefs, expectations
or projections relating to the potential acquisition of the property described
herein and funding sources for the same, are forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
Such statements are based on current expectations and assumptions with respect
to, among other things, future economic, competitive and market conditions and
future business decisions that may prove incorrect or inaccurate. Important
factors that could cause actual results to differ materially from those in the
forward looking statements include the risks associated with Hines Global's
ability to continue to reaise offering proceeds, the possibility that Hines
Global may determine not to close on the acquisition after completing additional
due diligence, and other risks described in the “Risk Factors” section of Hines
Global’s Registration Statement on Form S-11.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
Hines
Global REIT, Inc.
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March
8, 2010
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By:
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/s/
Ryan T. Sims
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Name:
Ryan T. Sims
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Title:
Chief Accounting Officer
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