International non-listed real estate fund Hines Global Income Trust has acquired Cross Point Business Park, an industrial warehouse in the West Midlands, in an off-market deal.
Financial details were not disclosed.
The asset, which lies east of Birmingham, just outside of Coventry, is leased to Restore, a support services company.
The acquisition marks Hines Global’s fifth project in a portfolio of strategically added UK warehouses in just over a year.
Greg Cooper, director at Hines UK, said: 'Cross Point Business Park’s location within the ‘Golden Triangle’ further diversifies our UK geographic exposure, while exemplifying our strategy of harnessing forensic analysis to identify fit for purpose, infrastructure critical buildings in locations with strong occupational demand.
'At a time where increasing competition for land in the area from other use classes is ramping up, this is a key acquisition to increase the attractiveness and value of Hines Global’s broader portfolio, and we anticipate a further tranche of acquisitions in the coming year in line with this strategy.'
Cross Point Business Park is a 147,000 ft2 (13,660 m2), modern specification logistics warehouse constructed in 1994 and refurbished and extended in 2015.
It is located in the so-called 'Golden Triangle’, the UK's premier location for logistics and distribution operations.
Omar Thowfeek, Hines Global’s managing director – investments, added: 'We are excited for this opportunity to deepen Hines Global’s UK logistics presence and enhance our existing portfolio of diversified global properties.
'The logistics sector represents close to 50% of our portfolio and has proven to be an area of strong growth and resilience. We look forward to continuing to seek opportunities to expand our investment in this sector.'
Hines has been investing and developing in the industrial real estate sector since 1957 with a global track record of 314 projects in 12 countries.
