The REIT's common stock is hitting the street at $10.66 per share for purchases from commission-based financial advisers. Initial prices for shares bought from fee-based firms are initially priced at $9.68 apiece. The locally based Hines REIT also is offering up to $500 million of common stock at $10.13 per share under its dividend reinvestment plan. Hines Real Estate Securities Inc. is the fund's dealer manager. The fund's anticipated termination date is July 2010.

The REIT's manager can deploy capital into non-office properties, loans and ground leases under the offering terms. Hines REIT's current portfolio is a mix of direct and indirect interests in 46 properties, of which 43 are office assets located in the US. The REIT also owns an industrial property in Dallas and another one in Rio de Janeiro and a mixed-use office and retail development in Toronto.

According to the REIT's SEC filing, 90% to 92% of gross proceeds are earmarked for acquisitions. As would be expected, the criteria is based on location, asset quality and quality tenants. Based on the filing, there are no purchase contracts in hand--as yet.