Hines Global Income Trust Inc., a publicly registered non-traded real estate investment trust, has purchased ABC Westland, a 13-building logistics park located in Westland, Netherlands, for $130.5 million (approximately €116.5 million assuming a rate of $1.12 per EUR).
ABC Westland is comprised of 13 buildings that were constructed between 1969 and 2018 and is 97.5 percent leased to 46 tenants.
With a reputation as one of Europe’s largest logistics hub for food and fresh produce, The park is located close to The Hague and provides services such as production, logistics, wholesale and trade, packaging and other related activities.
The property encompasses 117,000 square meters of logistics warehouse and commercial office space. The roofs of the logistics business premises are equipped with 18,285 solar panels, which supply approximately 30 percent of the current energy consumption in the park.
“Hines Global Income Trust is excited about expanding our presence in the Dutch warehouse market with this strategic acquisition,” said CEO Terri Shugart. “ABC Westland represents a vital logistics hub in the heart of the Westland with immediate access to the port of Rotterdam and plays an essential role in the global food distribution supply chain.”
ABC Westland is the Hines Global Income Trust’s second major industrial purchase in recent months. In February, the DI Wire reported that the REIT purchased Maintal Logistics, a portfolio of three industrial buildings located outside of Frankfurt, Germany, for approximately $44.6 million.
Hines Global Income Trust, invests in commercial real estate properties and other real estate investments throughout the United States and internationally, launched its initial public offering in August 2014. As of March 29, 2019, the company had raised $525.1 million through its public offerings, including shares issued through its distribution reinvestment plan. The REIT owned a portfolio of 10 properties with a total acquisition cost of approximately $909.3 million as of the fourth quarter of 2018.