Hines Global Income Trust Buys Land in Madrid for Future Logistics Development
Hines Global Income Trust Inc., a publicly registered non-traded real estate investment trust, has purchased several plots of undeveloped land in Madrid, Spain.
Hines Global Income Trust Inc., a publicly registered non-traded real estate investment trust, has purchased several plots of undeveloped land totaling approximately 585,000 square feet in Madrid, Spain for approximately $25.3 million. The company plans to develop a last-mile logistics park on the vacant land.
The parcels are adjacent to the Madrid Airport Complex, the industrial and office complex of Airbus Defence and Space S.A.U, which was purchased by the REIT in June 2020.
Hines Global Income Trust plans to build a logistics park totaling nearly 700,000 square feet to meet last mile e-commerce demand. The property faces the A2 highway and is a five-minute drive from Madrid’s airport and 20 minutes from the city center.
“This acquisition and expansion of our current investment in Madrid will help create the most efficient layout for a best-in-class last-mile logistics complex in a prime location with strong transport connectivity,” said Omar Thowfeek, managing director of investments for the REIT.
The REIT’s European logistics portfolio includes 12 industrial assets in six countries. Its $2.9 billion portfolio is weighted by nearly two-thirds to the industrial and living sectors.
From inception in August 2014 through April 15, 2022, Hines Global Income Trust raised approximately $2.1 billion in investor equity in its three public offerings and distribution reinvestment plan. The REIT launched its second follow-on offering at the beginning of June 2021 and has raised $730.8 million as of April 15, 2022.
