US privately-held developer-investor Hines has acquired five logistics assets across three separate transactions from different vendors throughout the UK, Spain, and The Netherlands on behalf of its Hines European Property Partners (HEPP) core-plus fund.
Financial details were not disclosed.
The locations of the assets are strong, with the majority of the assets in The Netherlands situated adjacent to Schiphol Airport, the Spanish asset is five minutes from Terminal 2 at Aeropuerto Josep Tarradellas Barcelona-El Prat, and the UK asset is located in Warrington in an urban location, all benefiting from superior transportation links.
In a statement, Hines said that the five assets are 'highly functional for the needs of their current and future occupiers and were acquired at an attractive capital value basis, reflective of the current market environment, and at a material discount to replacement cost'.
All of the assets are leased in their entirety, with a weighted average unexpired lease term of 7.5 years.
Last year Hines completed €1.4 bn of logistics transactions across Europe, and currently has 744,000 m2 of logistics assets under construction throughout Europe including the Czech Republic, France, Germany, Italy, Poland, the Netherlands, Spain and the UK, increasing its logistics assets under management and development in Europe to €3.2 bn.
Jorge Duarte, fund manager of HEPP at Hines, said: 'These acquisitions reflect our value and income-focused logistics aggregation strategy to carefully pinpoint well located assets within Europe’s most dynamic regions, at attractive prices, particularly in the context of the current market environment. We remain focused on acquiring attractively priced income producing assets throughout Europe, which we can add value over time through proactive asset management and a focus on ESG.'
