Hines Global Income Trust Inc., a publicly registered non-traded real estate investment trust, has purchased a modern logistics park totaling approximately 350,000 square feet near Gdańsk, Poland. The purchase price was €27.3 million, or approximately $30.3 million assuming a rate of $1.11 per EUR as of the acquisition date. The property is 100 percent leased to two tenants and will be managed by Hines Polska.
The logistics park consists of two warehouse buildings that were constructed in 2013 and 2015. Żabka Polska, the largest chain of small convenience stores in Poland, occupies roughly 274,000 square feet of building space. The remaining area is leased to DB Schenker, a German logistics provider that specializes in supply chain management.
“Hines Global Income Trust is excited about entering the Polish logistics market, gaining access to a strategic distribution node, and expanding our Pan-European warehouse portfolio,” said Sherri Schugart, chief executive officer of Hines Global.
In other company news, The DI Wire recently reported that Hines Global purchased The Promenade Shops at Briargate, a 236,500-square-foot outdoor retail center located in Colorado Springs, Colorado, for $93.2 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 and its second offering in December 2017.
As of June 30, 2019, Hines Global Income Trust raised $739 million through its public offerings, including shares issued through its distribution reinvestment plan. The REIT owned a portfolio of 11 properties with a total acquisition cost of approximately $917.7 million as of the second quarter of 2019.