Hines Global Income Trust Inc., a publicly registered non-traded real estate investment trust, has purchased Cross Point Business Park, an industrial warehouse in the West Midlands, United Kingdom, in an off-market transaction. The purchase price was not disclosed.
Cross Point Business Park is a 147,000-square-foot logistics warehouse constructed in 1994 and refurbished and extended in 2015. The property has direct access to major roadway networks, ports, railways and airports, enabling deliveries to reach 90 percent of the UK population within four hours, the REIT said. The warehouse is fully leased to Restore PLC (LSE: RST), a support services company.
Cross Point Business Park represents the REIT’s fifth logistics acquisition worldwide over the past year.
“We are excited for this opportunity to deepen Hines Global’s UK logistics presence and enhance our existing portfolio of diversified global properties,” said Omar Thowfeek, Hines Global’s managing director of investments. “The logistics sector represents close to 50 percent of our portfolio and has proven to be an area of strong growth and resilience. We look forward to continuing to seek opportunities to expand our investment in this sector.”
Hines Global also noted that the Midlands area has more than twice the combined warehousing activity of London, Scotland and Wales.
Last month, The DI Wire reported that the REIT purchased 6000 Schertz Parkway, an Amazon-leased e-commerce fulfillment center located in Schertz, Texas for $129.2 million, excluding transaction and closing costs.
As of September 30, 2020, Hines Global Income Trust owned 20 real estate investments which total 9.5 million square feet of space. From inception in August 2014 through November 30, 2020, the REIT raised $1.1 billion in investor equity in its public offerings.
Hines Global Income Trust recently registered a $2 billion follow-on offering with the Securities and Exchange Commission. Once declared effective, this will be Hines Global Income Trust’s third public offering.