Hines Global Income Trust Buys U.K. Logistics Property
Hines Global Income Trust Inc., a publicly registered non-traded real estate investment trust, has purchased City Central Coventry in Coventry, United Kingdom.
Hines Global Income Trust Inc., a publicly registered non-traded real estate investment trust, has purchased City Central Coventry, a 400,000-square-foot urban logistics park located in Coventry, United Kingdom, for approximately $40.6 million, excluding transaction and closing costs.
Located in the U.K.’s “Golden Triangle,” an industrial region of logistics and distribution operations, the property has access to 90 percent of the U.K.’s population within four hours’ drive time. A popular gateway and regional last-mile distribution destination, the West Midlands saw a growth in last-mile space reach a record 6.4 million square feet in 2021, 42 percent above its 10-year average of 4.5 million square feet.
“We continue to have strong conviction for U.K. logistics and positive e-commerce trends,” said Matthew Leonard, investment associate at Hines U.K. “Central City Coventry is a prime last-mile location providing immediate access to the UK’s major motorway networks, meaning six million people can be accessed in under 30 minutes. We anticipate that well-connected logistics assets in dense residential areas will continue to outperform as occupiers seek to [maximize] drop densities and expand last-mile footprints.”
This acquisition marks the fifth U.K. logistics project currently held by the REIT. Globally, its industrial assets span seven countries and make up the largest asset class in its $2.9 billion portfolio, followed by the living sector.
From inception in August 2014 through May 13, 2021, Hines Global Income Trust raised approximately $1.9 billion in investor equity in its public offerings and distribution reinvestment plan. The REIT launched its second follow-on offering at the beginning of June 2021 and has raised $497.3 million as of February 11, 2022.
