International developer and investor Hines has acquired the FM logistic industrial park from AIG European Real Estate Partners for an undisclosed amount. The 70,000-m[sup]2[/sup] industrial complex is located two miles from Sheremetyevo Airport, one of two large international airports in Moscow and the primary hub for cargo transport in Russia.
International developer and investor Hines has acquired the FM logistic industrial park from AIG European Real Estate Partners for an undisclosed amount. The 70,000-m2 industrial complex is located two miles from Sheremetyevo Airport, one of two large international airports in Moscow and the primary hub for cargo transport in Russia.
The complex, which is earmarked for Hines Global REIT, was constructed between 1998 and 2004 by FM Logistic as the primary hub for the firm's third-party logistics operations in Russia. In 2006, FM Logistic sold the asset to AIG and leased back the entire facility through 2016.
Hines intends to continue the ongoing BRE Environmental Assessment Method (BREEAM) certification process, which, once completed, will mark the facility as the first industrial complex in Russia to receive this rating.
'FM Logistic Industrial Park is a special acquisition for Hines Global REIT because of the opportunity to invest in our first asset in Russia,' said Charles Hazen, president and CEO of Hines Global REIT.
Hines Global REIT is a Houston-based, public, non-listed real estate investment trust sponsored by Hines.
