Hines has acquired a logistics park in Poland on behalf of its European core real estate fund.
The Hines Pan-European Core Fund (HECF) has invested an undisclosed amount to buy the fully-let 123,499sqm asset in Wroclaw from Macquarie’s GLL Real Estate Partners.
Hines said the latest deal is part of HECF’s ongoing strategy to increase exposure to urban logistics assets in key European locations with strong long-term growth prospects. The fund’s recent deals include the acquisitions of the 19,418sqm Dnata City site near London’s Heathrow Airport and a 62,000sqm Utrecht urban logistics distribution centre in the Netherlands.
Peter Epping, senior managing director and HECF fund manager at Hines, said: “Like most of our logistics assets it is heavily driven by the ever-growing demand of online shopping as well as the access to skilled labour that the city of Wroclaw provides.
“With the strong fundamentals of the local logistics market, it fits well into our strategy of targeting supply-constrained locations with attractive long-term growth prospects.”
Wojciech Rumian, senior managing director, country head of Hines Poland, said: “The acquisition of this facility is an important addition to the portfolio of logistics assets managed by Hines in Poland.
”We are planning to grow this line of business in the near future and acquire more assets on behalf of Hines fiduciary capital as well as for third party clients. This transaction with the Hines Pan-European Core Fund is a building block of this strategy.”
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