Hines Global Income Trust Acquires Royal Mail Sorting Warehouse, Edinburgh
ÂŁ25M deal is the third Hines Global investment in UK logistics in 2019
(LONÂDON) – Hines, the interÂnaÂtionÂal real estate firm, is pleased to announce that Hines GlobÂal Income Trust, Inc. (“Hines GlobÂal”) has acquired the RoyÂal Mail sortÂing wareÂhouse in EdinÂburgh from RPMI RailPen for around ÂŁ25m.
The 215,745-square-foot facilÂiÂty, occuÂpied by RoyÂal Mail, is locatÂed on Edinburgh’s Sighthill IndusÂtriÂal Estate adjaÂcent to HerÂmisÂton Gait Retail Park to the west end of the city. The propÂerÂty serves as the colÂlecÂtion and sortÂing point for all mail from the east side of ScotÂland and employs over 700 peoÂple on site.
The acquiÂsiÂtion marks the third investÂment in UK logisÂtics assets by Hines GlobÂal in 2019. Hines GlobÂal acquired a 139,387-square-foot asset in MilÂton Keynes, occuÂpied by men’s clothÂing retailÂer Charles TyrÂwhitt, and a 270,248-square-foot disÂtriÂbÂuÂtion facilÂiÂty in BrisÂtol, occuÂpied by DSG Retail, in NovemÂber 2019.
SherÂri Schugart, Chief ExecÂuÂtive OffiÂcer of Hines GlobÂal, said: ​“We are excitÂed to expand Hines Global’s presÂence in the UK logisÂtics marÂket by comÂpletÂing our third strateÂgic logisÂtics acquiÂsiÂtion in the UK and our ninth acquiÂsiÂtion worldÂwide this year. We conÂtinÂue to see attracÂtive opporÂtuÂniÂties to acquire high-qualÂiÂty assets in strateÂgic marÂkets globally.”
Greg CoopÂer, Hines UK direcÂtor of indusÂtriÂal and logisÂtics, said: ​“The site is a key locaÂtion for RoyÂal Mail and is well posiÂtioned to serve EdinÂburgh and the wider east of ScotÂland. We conÂtinÂue to see valÂue in logisÂtics assets that benÂeÂfit from close proxÂimÂiÂty to estabÂlished disÂtriÂbÂuÂtion nodes and good tenants.”
ACRE CapÂiÂtal Real Estate advised Hines GlobÂal on the deal and Knight Frank repÂreÂsentÂed RPMI Railpen. RPMI Railpen (Railpen) is responÂsiÂble for the safeÂkeepÂing and investÂment of cirÂca ÂŁ30 bilÂlion on behalf of the RailÂways PenÂsion Scheme’s 350,000 memÂbers who are conÂnectÂed to the railÂway industry.
Hines GlobÂal is a pubÂlic, non-listÂed real estate investÂment trust sponÂsored by Hines. It comÂmenced operÂaÂtions in 2014 and invests in comÂmerÂcial real estate investÂments locatÂed in the UnitÂed States and interÂnaÂtionÂalÂly. For addiÂtionÂal inforÂmaÂtion about Hines GlobÂal, visÂit www​.hinesse​cu​ri​ties​.com/​c​u​r​r​e​n​t​-​o​f​f​e​r​i​n​g​s​/​hgit/.
Hines is a priÂvateÂly owned globÂal real estate investÂment firm foundÂed in 1957 with a presÂence in 219 cities in 23 counÂtries. Hines has approxÂiÂmateÂly $124.3 bilÂlion of assets under manÂageÂment, includÂing $63.8 bilÂlion for which Hines proÂvides fiduÂciaÂry investÂment manÂageÂment serÂvices, and $60.5 bilÂlion for which Hines proÂvides third-parÂty propÂerÂty-levÂel serÂvices. The firm has 148 develÂopÂments curÂrentÂly underÂway around the world. HisÂtorÂiÂcalÂly, Hines has develÂoped, redeÂvelÂoped or acquired 1,362 propÂerÂties, totalling over 449 milÂlion square feet. The firm’s curÂrent propÂerÂty and asset manÂageÂment portÂfoÂlio includes 514 propÂerÂties, repÂreÂsentÂing over 222 milÂlion square feet. With extenÂsive expeÂriÂence in investÂments across the risk specÂtrum and all propÂerÂty types, and a pioÂneerÂing comÂmitÂment to susÂtainÂabilÂiÂty, Hines is one of the largest and most-respectÂed real estate orgaÂniÂzaÂtions in the world.
Since enterÂing Europe in 1991, Hines has grown its EuroÂpean platÂform to include offices in 16 cities as well as a presÂence in 47 cities in 12 counÂtries, with €18.2 bilÂlion of assets under manÂageÂment in DenÂmark, FinÂland, France, GerÂmany, Greece, IreÂland, Italy, NetherÂlands, Poland, Spain and the UnitÂed Kingdom.
VisÂit www​.hines​.com for more information.
Hines
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