ICG, the real estate arm of Intermediate Capital Group, has acquired the Royal Mail sorting warehouse in Edinburgh from global real estate firm Hines.
Financial details were not disclosed.
The 215,745 ft2 (20,000 m2) industrial building was acquired in 2019 by a fund sponsored by Hines.
It located in Edinburgh’s Sighthill Industrial Estate adjacent to Hermiston Gait Retail Park. Approximately 700 staff are based at the facility with over 900,000 letters and 45,000 parcels handled there daily.
Chad Brown, managing director at ICG Real Estate said: 'We’re pleased to have acquired this well located and highly mission critical asset. The investment underlines our ongoing belief in the logistics market’s robust occupational tailwinds with the firm eager to deploy further capital in the sector across Europe.'
'Logistics remains a hugely important sector for Hines in the UK and Royal Mail’s sorting warehouse is a great example that we are not afraid to consider tactical sales while looking to redeploy capital into more accretive opportunities,' said Greg Cooper, managing director at Hines.
ICG was advised by Knight Frank and Marchmont Investment Management.
