**Hines Global Pays $197.3 Million for Riverside Center**
Hines Global REIT has bought Riverside Center, a 510,000 sq. ft. office complex located in the Boston suburb of Newton, Massachusetts, the company said. The REIT acquired the three-building complex from Equity Office Properties for some $197.3 million (₤129.6 million).
Riverside Center is 97 percent leased on a long-term basis to a wide group of tenants including e-publishing company Tech Target and pharmaceutical giant McKesson Corp.
“Boston is a market that Hines Global REIT has targeted for investment because of its diverse economy and highly educated workforce,” Sherri Schugart, chief executive of Hines Global REIT, said in a news release on Thursday, April 4. “Riverside Center is a well-located, quality asset with strong tenancy that will fit well within our portfolio.”
The acquisition was funded by Hines Global’s revolving credit facility and a bridge loan from JP Morgan.
Hines Global REIT is a non-traded real estate investment trust that owns interests in 30 real estate investments in the United States and other countries.
**Hannon Armstrong Sustainable Infrastructure Capital Prices IPO at $14 to $16 a Share**
Hannon Armstrong Sustainable Infrastructure Capital plans to raise $200 million (₤131 million) by offering 13.3 million shares for $14 to $16 apiece, the REIT that provides financing for clean energy projects said on Thursday, April 4.
At $15 a share, the midpoint of the proposed range, Hannon Armstrong would be valued at $227 million (₤149 million).
Hannon Armstrong, which delivered $17 million (₤11.2 million) in sales for the 12 months ended December 31, plans to list on the New York Stock Exchange under the symbol HASI. UBS, BofA Merrill Lynch and Wells Fargo are the joint bookrunners on the IPO.
**Standard & Poor’s Upgrades Health Care REIT’s to BBB**
Health Care REIT (NYSE:HCN) announced on Thursday, April 4, that Standard & Poor’s Ratings Services has raised its corporate credit rating to BBB from BBB- with a stable outlook. The rating upgrade reflects the REIT’s diversified and quality portfolio, steady cash flow growth and improved credit metrics.
“S&P’s upgrade validates our business model of building a diverse portfolio of high-quality assets with the best operators that will generate predictable, resilient returns,” commented chief executive George L. Chapman.
Health Care is an S&P 500 real estate investment trust that invests in senior housing and health care real estate. As of December 31, the company’s diversified portfolio consisted of 1,025 properties in 46 American states, Canada and the UK.
!m[S&P Upgrades Health Care REIT’s Rating to BBB, Plazacorp Raises Bid for Key REIT to C$8.35 a Share](/uploads/story/1805/thumbs/pic1_inline.png)
**Plazacorp Raises Takeover Bid for Key REIT to C$8.35 a Share**
Real estate firm Plazacorp Retail Properties (CVE:PLZ) has raised its friendly takeover offer for Key REIT (TSE:KRE.UN) from C$8 to C$8.35 per share in stock and cash. The higher offer is meant to top a rival bid from Huntingdon Capital, which is offering C$8 a share in cash and stock.
Plazacorp’s new proposal limits the amount of cash to about half the C$124 million (₤80.4 million) offer for the Key REIT units, while the remainder would be paid in shares of the company. Including Key REIT debt to be assumed under the deal, Plazacorp’s offer is worth C$325 million (₤211 million).
Huntingdon already owns a 5.5 percent stake in Key REIT.
**Plazacorp Retail Properties’ share price was C$4.75 as of 05.04.2013, 07.50 GMT.**
**Key REIT’s share price was C$8.13 as of 05.04.2013, 07.50 GMT.**
**Health Care REIT’s share price was $69.96 as of 05.04.2013, 07.50 GMT.**