Hines Global Income Trust Inc., a publicly registered non-traded real estate investment trust, has purchased Wakefield Logistics, an industrial logistics property located in Wakefield, United Kingdom, for £20.6 million (approximately $25.6 million), excluding transaction and closing costs. The property was purchased from AEW UK Core Property Fund, an unaffiliated third party.
Wakefield Logistics totals roughly 207,000 square feet and is currently 100 percent leased to one tenant, Integrated Third Party Logistics Ltd (ITPL), which has 10 years remaining on its lease. The property provides warehousing services for Coca-Cola’s largest European manufacturing plant, which is adjacent to the property.
The asset was acquired by AEW Core in September 2013. Hines claims that AEW enacted a business plan of asset management in order to maximize value from the site. This included acquiring the freehold, disposing of the adjoining office building, and securing planning permission to double the size of the warehouse unit to 200,000 square feet.
“The site is a key location for the occupant and has recently doubled in size following a period of considerable growth,” said Greg Cooper, Hines UK director of industrial and logistics. “This latest transaction builds on our strategy to acquire logistics assets that are situated in key distribution nodes and provide critical infrastructure to tenants.”
Previous UK logistics acquisitions for Hines Global include a 137,000-square-foot asset in Milton Keynes, a 270,000-square-foot distribution facility in Bristol, and a 216,000-square-foot warehouse in Edinburgh.
In other recent news, Hines Global purchased the Madrid Airport Complex, an office and industrial complex located in Madrid, Spain, through a sale-leaseback transaction with Airbus Defence and Space S.A.U. The purchase price was €29.2 million (approximately $33.4 million), excluding transaction and closing costs.
Hines Global Income Trust invests in commercial real estate properties and other real estate investments throughout the United States and internationally. The REIT launched its initial public offering in August 2014 and its second offering in December 2017.
As of March 31, 2020, the company owned 18 properties totaling 8.7 million square feet that were 94 percent leased. The REIT has raised $1 billion from the sale of 101.8 million shares through its public offerings, including shares issued through its distribution reinvestment plan.