Hines Global Income Trust has acquired a UK logistics asset at Wakefield 41 Industrial Park from AEW UK Core Property Fund for £20.635 million.
Located in Wakefield, West Yorkshire, the 207,115-square-foot facility is occupied by warehousing and logistics operator Integrated Third Party Logistics Ltd (ITPL) pursuant to a lease with ten years remaining.
The property provides warehousing services for Coca-Cola’s largest European manufacturing plant, which is adjacent to the asset.
The transaction deepens Hines Global’s foothold in European logistics, particularly in the UK.
“We are pleased for this opportunity to further expand Hines Global’s UK logistics presence and enhance our existing portfolio of diversified global properties,” said Omar Thowfeek, Hines Managing Director – Investment Management.
Commenting on the sale, Michael Shears, Executive Director at AEW UK, said: “Since acquisition in 2013, AEW has undertaken a proactive and thorough program of asset management and building improvement culminating in the completion of the refurbished and extended logistics unit, under-budget, to an industry high standard.”
Greg Cooper, Hines UK Director of industrial and logistics, said: “The site is a key location for the occupant and has recently doubled in size following a period of considerable growth. This latest transaction builds on our strategy to acquire logistics assets that are situated in key distribution nodes and provide critical infrastructure to tenants.”
Hines and Hines Global were advised by C&W and Savills acted for AEW.