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August 19, 2026 Hines Global Income Trust reports higher July NAV amid active acquisition strategy. A closer look at Hines Global Income Trust's recent acquisitions offers insight into where Hines sees opportunities emerging in the next real estate cycle. Hines Global Income Trust reported an increase in the value of its real estate investments in July as the nontraded REIT continued an active period of portfolio expansion, including acquisitions in Austin, Chicago and Charlotte. According to an August 17 filing with the Securities and Exchange Commission, the value attributed to Hines Global Income Trust's real estate investments increased to approximately $6.71 billion as of July 31, 2026, from approximately $6.45 billion at June 30. On a per-share basis, the value attributed to real estate investments increased to $19.79 from $19.16. The changes contributed to the REIT's monthly NAV calculation, which incorporates not only the estimated value of its real estate investments but also cash, other assets, debt and other liabilities. Hines Global establishes NAV for each share class monthly, with those values generally determining the following month's transaction price for purchases and eligible redemptions under the REIT's share redemption program. The July valuation period coincided with several recent additions to the portfolio. In July, Hines Global acquired 405 Colorado, a 206,000-square-foot Class AA office tower in downtown Austin, and Wicker Park Commons, a 183,000-square-foot grocery-anchored shopping center in Chicago. The Austin acquisition is particularly notable as Hines Global selectively increases its exposure to high-quality U.S. office properties following the sector's significant post-pandemic repricing. The property is 100% leased to tenants including JPMorgan Chase, Bain & Company and AllianceBernstein. Hines said its research indicates improving U.S. office fundamentals, including three consecutive quarters of positive net absorption through the first quarter of 2026. Wicker Park Commons, meanwhile, is 99% leased and anchored by Jewel-Osco and Lowe's. Hines characterized the acquisition as part of its continued emphasis on necessity-based retail with durable income characteristics. Later in July, Hines Global added the Design Center of the Carolinas in Charlotte for approximately $170 million, excluding transaction costs and closing adjustments. The 239,000-square-foot mixed-use property combines approximately 122,000 square feet of retail space with 117,000 square feet of creative office space and was 88% leased at acquisition. The three acquisitions illustrate Hines Global's current approach to portfolio construction: selectively adding office properties where the manager sees improving fundamentals while continuing to invest in retail and mixed-use assets positioned in high-growth or high-barrier-to-entry markets. The portfolio expansion comes as Hines sees signs that commercial real estate is moving into a new investment cycle following several years of repricing. Hines Research has pointed to improving values across portions of global real estate and estimates that approximately half of the roughly 800 markets it tracks have entered what the firm considers a potential buying window. For investors in a nontraded REIT, however, increases in underlying property values do not translate directly into an equivalent increase in per-share NAV. Debt, cash, other assets and liabilities all factor into the calculation. Property valuations also represent estimates rather than realized sale prices. Hines Global uses independent third-party appraisals as part of its valuation process, with Altus Group serving as its independent valuation advisor. The REIT calculates NAV monthly, providing investors and financial professionals with a regular measure of changes in the estimated value of the portfolio and other components of the fund's balance sheet. The July results provide a timely look at how Hines Global's portfolio is evolving as the manager moves from navigating real estate's recent repricing toward selectively deploying capital into sectors and markets where it sees opportunities for durable income and longer-term appreciation. Sources. Recent. Explore. Don't miss alts news and educational events

Behring converts former supercomputer site into Oakland AI data center. Behring Companies plans to convert the 83,000-square-foot building at 415 20th Street in Oakland into a specialized data center for AI companies, having acquired it from Hines for $6.8 million. Traded Editorial * Behring Companies plans to convert the 83,000-square-foot office building at 415 20th Street in Oakland into a specialized data center serving artificial intelligence companies. * The property was previously used as a supercomputer facility and was built to support up to 20 megawatts of computing and power capacity. * Behring acquired the property from Hines for $6.8 million in December, after Hines abandoned plans for a 39-story, 800,000-square-foot office tower at the site. * Behring has already attracted interest from robotics companies, AI research firms, lab operators and cloud providers, with 15 tours during the first two weeks of marketing. What Behring is planning for 415 20th Street. Behring Companies is shifting the future of 415 20th Street in downtown Oakland away from traditional office space and toward artificial intelligence infrastructure. The developer plans to renovate the existing 83,000-square-foot building into a specialized data center designed to serve AI companies. The property has a notable history as a former supercomputer facility used by Lawrence Berkeley National Laboratory, giving the building existing infrastructure that could support its next use. Behring is upgrading the property's power infrastructure and could lease the entire facility to a single tenant or divide it among multiple users. What makes the site attractive for AI. The property's existing infrastructure is a major part of the redevelopment strategy. The building was designed to handle as much as 20 megawatts of computing and power capacity, an important consideration as AI companies search for locations with access to substantial electrical capacity. Behring CEO and founder Colin Behring said the company sees the property as a potential high-performance computing location for AI applications. "One of the most capable AI inference compute facilities" in the Bay Area. The planned facility would support the computing infrastructure behind AI tools and services, while also giving Behring an opportunity to repurpose an existing office property rather than pursue a ground-up development. What the property's history means. The conversion is a major change from the site's previous development plans. Hines had secured approval for an approximately 800,000-square-foot, 39-story office tower at the property. The company ultimately abandoned the project in 2023 after determining that the development was no longer economically feasible. Behring later acquired the existing 415 20th Street property from Hines for $6.8 million, or approximately $81 per square foot. Hines had paid approximately $63 million, or about $433 per square foot, for the property in 2019. The dramatic difference in acquisition pricing gives Behring a much lower basis from which to reposition the property. What the Oakland innovation campus includes. The data center conversion is part of a broader strategy by Behring to create an innovation-focused cluster in Uptown Oakland. The property sits behind Behring's 1900 Broadway apartment tower, which contains 452 residential units, and across from 1950 Franklin, a 446,000-square-foot office building Behring acquired from Kaiser Permanente in 2024. A nearby 635-space parking garage is also being used by Tesla's autonomous vehicle fleet. Behring is targeting companies involved in the physical side of artificial intelligence, including autonomous vehicles, drones, robotics and smart-building technology. The company is also in talks with a robotics firm about creating a lab and showroom at 1900 Broadway. What tenant demand looks like. The company has already seen interest from potential users of the 415 20th Street facility. Behring said it recorded 15 property tours during the first two weeks of marketing, with interest coming from robotics companies, AI research and laboratory firms and cloud providers. Some prospective users are also looking for nearby office space, which could benefit Behring's larger Oakland campus strategy by creating demand across several properties rather than at the data center alone. What comes next for the conversion. Behring is currently renovating the building and upgrading its power infrastructure. The company has not announced a specific tenant, construction completion date or final configuration for the data center. The property could ultimately be leased to one large user or divided among multiple tenants, depending on demand. The repositioning also reflects a broader shift in commercial real estate, as owners look for alternatives to conventional office use and AI-related companies compete for specialized facilities with sufficient power and infrastructure. Published: Aug 12, 2026 Last updated: August 12, 2026