Hines Global Income Trust Buys Industrial Property in Prague
Hines Global Income Trust Inc., a publicly registered non-traded real estate investment trust, has purchased Eastgate Park in Prague, Czech Republic.
Hines Global Income Trust Inc., a publicly registered non-traded real estate investment trust, has purchased Eastgate Park, an industrial logistics property located in Prague, Czech Republic, for approximately $44.2 million.
Eastgate Park is an approximately 420,000 square feet last-mile logistics facility situated in an established industrial zone in Štěrboholy within the Prague metro area. The property is currently 99 percent leased to 22 tenants.
“The Czech Republic is proving to be an important and growing market for industrial tenants,” said Mietek Godzisz, senior managing director in the Hines Prague Office. “We have strong conviction about future growth here. Eastgate Park is a best-in-class business park in one of the Czech Republic’s most robust markets.”
The REIT’s $2.3 billion portfolio is 95 percent leased. Its industrial allocation, which makes up roughly half of the portfolio’s value, also includes properties in the United States, Netherlands, United Kingdom, Poland, Germany and Spain.
From inception in August 2014 through May 13, 2021, Hines Global Income Trust raised approximately $1.3 billion in investor equity in its public offerings. The REIT launched its second follow-on offering at the beginning of June 2021 and has raised $175.8 million as of mid-October 2021.
