US-based global developer-investor Hines has acquired five UK logistics sites in two separate transactions on behalf of its funds, Hines European Core Fund (HECF) and Hines European Property Partners (HEPP).
HECF acquired 13,285 m2 of best-in-class space in London located on freehold land just across the cargo gate at Heathrow airport. For HECF, this investment consolidates its ownership at a infrastructure critical location which is set to service a total of 53 million passengers in 2022.
Meanwhile, HEPP, Hines’ European flagship core-plus fund vehicle, acquired an off-market, fully occupied four asset portfolio, its first UK acquisition, which spans 42,734 m2, located across Yorkshire – Normanton, Doncaster, and Sheffield. Each location is essential to the respective occupier and is supported by excellent connectivity and transportation access with several of the assets primed for additional value-add ESG initiatives.
This year, Hines has completed €797 mln of logistics deals across the Czech Republic, France, Germany, Italy, Poland, The Netherlands and The UK increasing its logistics AUM in Europe to €3 bn.
Greg Cooper, managing director – UK Logistics at Hines, commented: ‘Despite the current macroeconomic climate, we continue to see high levels of occupier demand for best-in-class logistics space in supply-constrained areas across the UK. Both acquisitions underpin our long-term strategy and conviction in the logistics sector focused on the right opportunities in the best locations, where we can utilise our on-the-ground logistics expertise to drive added value. We continue to actively seek these opportunities to scale up our exposure to UK logistics and deliver value for our clients.’