Hines Global Income Trust, a publicly registered non-traded real estate investment trust, has purchased Lodz Urban Logistics, a Class A logistics facility in Lodz, Poland, for €22.8 million, or approximately $25.3 million assuming a rate of $1.11 per EUR as of the acquisition date.
Constructed in 2019, the 393,000-square-foot property is designed for storage and light production and is 100 percent leased to five tenants. The facility will be managed by Hines Polska.
“Excellent location with access to public transport and top-class warehouse space-these are, undoubtedly, the key assets of the project,” said Przemysław Iznerowicz, managing director at Hines Polska. “I am confident that the building meets the expectations of all tenants – those focused on providing deliveries within Lodz, as well as regional or national distributors.”
He added, “We are constantly looking for new investment opportunities and in the near future we intend to intensify our activities on the Polish market.”
Lodz Urban Logistics is leased to commercial tenants including Damco Poland, Deles Polska, Intelligent Logistic Solutions, Panasystem PL, and Inter Cars. The purchase was financed by ING Bank Śląski.
The acquisition represents Hines Global’s second Polish logistics facility. The REIT recently purchased a 350,000-square-foot logistics park near Gdańsk for €27.3 million, or approximately $30.3 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.