Hines Global Income Trust Inc., a publicly registered non-traded real estate investment trust, has acquired the leasehold interest in Fresh Park Venlo, an industrial business park located in the Netherlands. The purchase price was approximately $136.3 million (or €117.5 million at a rate of $1.16 USD per Euro).
The sale of Fresh Park Venlo is reportedly the largest logistics single asset deal in Dutch history, according to Dutch real estate news outlet VastgoedBerichten.
As one of Europe’s largest logistics hubs for food and fresh produce, Fresh Park Venlo is comprised of 23 buildings constructed between 1960 and 2018. The property totals approximately 2.9 million square feet and is 95 percent leased to more than 60 tenants and 70 additional food companies and suppliers doing business at the property.
Tenants include commercial enterprises, wholesalers, processing companies, logistical service providers, and packing companies handling produce such as fruit and vegetables and floriculture.
Fresh Park Venlo is situated within one of the largest agricultural food production areas in the Netherlands, between the ports of Rotterdam / Antwerp and the German-European market.
“Fresh Park Venlo represents a compelling investment opportunity as it provides the fund access to a critical mass of fresh food logistics in a strategic location with connectivity to continental Europe’s population centers,” said Sherri Schugart, president and CEO of Hines Global Income Trust.
Hines Global Income Trust, which 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 August 9, 2018, the company raised $424.6 million through its public offerings, including shares issued through its distribution reinvestment plan. The REIT owns a portfolio of seven properties with a total acquisition cost of approximately $656.3 million, as of the second quarter of 2018, according to Summit Investment Research.