US-based investor Hines has acquired an 85,000 ft2 (7,900 m2) urban logistics centre in Enfield, Greater London, on behalf of the Hines Pan-European core fund.
Financial details were not disclosed.
The purpose-built e-commerce distribution centre was completed in 2010 and is fully let to retailer John Lewis Partnership on an 11.5 year lease. The asset is located within the Innova Business Park.
'This is an excellent asset that will generate positive long-term returns and benefit from the high demand for e-commerce facilities in and around London,' said Peter Epping, fund manager of the Hines pan-European core fund.
'Our objective is to increase the Hines pan-European core fund’s portfolio of last mile logistics assets in top tier European cities, as part of our wider strategy to diversify the fund towards logistics and residential. Our latest funding close underlines how positively this strategy has been received by both new and existing investors,' Epping added.
According to Hines, the fund in question has recently secured a further €141 mln of new commitments, which would boost its new investment scope, broadened to include urban logistics and residential.