Hines acquires north London logistics centre for open-ended core fund
Hines has bought an 85,000sqft logistics centre in north London for its pan-European core real estate fund for an undisclosed sum.
The open-ended Hines Pan-European Core Fund (HECF), launched by Hines in 2006, has secured a further €141m of new commitments and has bought the purpose-built e-commerce distribution centre located within the Innova Business Park in Enfield, Hines said.
The asset is fully-let to retailer John Lewis Partnership on an 11.5-year lease.
Peter Epping, fund manager of the Hines Pan-European Core Fund, said: “Our objective is to increase the HECF’s portfolio of last mile logistics assets in top tier European cities, as part of our wider strategy to diversify the fund towards logistics and residential.
“Our latest funding close underlines how positively this strategy has been received by both new and existing investors.”
The HECF portfolio has a gross asset value of around €1.3bn.
Greg Cooper, Hines UK director of industrial and logistics, said: “This acquisition demonstrates an ability to forensically identify key growth markets and subsequently source best in class assets.”