US developer-investor Hines announced on Friday that Hines Global Income Trust has acquired City Central Coventry, a 400,000-sq ft (37,160 m2) urban logistics park located in the UK’s ‘Golden Triangle’. Financial details were kept confidential.
The multi-let urban logistics estate is located in Central City Coventry, West Midlands, with access to 90% of the UK’s population within four hours’ drive time.
Matthew Leonard, investment associate at Hines UK, commented, ‘We continue to have strong conviction for UK logistics and positive e-commerce trends. Central City Coventry is a prime last-mile location providing immediate access to the UK’s major motorway networks, meaning six million people can be accessed in under 30 minutes. We anticipate that well-connected logistics assets in dense residential areas will continue to outperform as occupiers seek to maximise drop densities and expand last-mile footprints.’
Omar Thowfeek, managing director, investments of Hines Global Income Trust added, ‘The asset’s urban infill location in the Golden Triangle combined with high barriers to entry and tightening market fundamentals make it a strong addition to our existing portfolio of diversified global properties.’
This acquisition marks the fifth UK logistics project currently held by Hines Global Income Trust. Globally, its industrial assets span seven countries and make up the largest asset class in its $2.9 bn portfolio, followed by the living sector.
