Hines’s non-listed real estate investment trust has added a fully-let 700,000sqft logistics centre in the US to its portfolio.
Hines Global Income Trust (HGIT) has acquired the newly constructed I-70 Logistics Center located at 9157 Mink Street SW, Columbus in Ohio, expanding its presence in the Midwest.
Alfonso Munk, Hines Americas CIO and president of HGIT, said: “I-70 Logistics Center’s strategic location in a strong submarket, supported by access to major highway arterials and a deep labor pool, makes it an attractive investment for HGIT.
“Adding this Class A logistics product to our portfolio, which is well-positioned for continued growth, bolsters our portfolio in the Midwest and showcases our disciplined investment strategy.”
HGIT’s $3.9bn (€3.6bn) portfolio of commercial real estate investments is more than 63% weighted toward the industrial and living sectors. HGIT, which was established in 2014, invests in the US and internationally.
Will Renner, managing director at Hines, said: “We have studied the industrial market in Columbus at length, as it is one of the fastest-growing Midwest cities based on gross domestic product, job growth, and population,”
“We view Columbus as a key market for Hines’ growing industrial platform going forward.”
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