Hines, a global real estate investment, development, and property manager, has acquired five logistics assets across three separate transactions from different vendors throughout the United Kingdom, Spain, and The Netherlands on behalf of its Hines European Property Partners (HEPP) core-plus fund.
In the current macro-economic climate, investor appetite for high quality logistics assets remains healthy backed by strong occupier demand and robust operating fundamentals. 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.
Consistent with Hines’ value-focused logistics acquisition strategy, in addition to the high-quality locations, 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 approximately 7.5 years.
Last year Hines completed approximately €1.4 billion of logistics transactions across Europe, and currently has approximately 744,000 square meters 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 approximately €3.2 billion1.
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.”
1Hines data as of 31.12.22
Hines is a global real estate investment, development and property manager. The firm was founded by Gerald D. Hines in 1957 and now operates in 30 countries. We manage nearly €93.9bn1 in high-performing assets across residential, logistics, retail, office, and mixed-use strategies. Our local teams serve 685 properties totaling nearly 20.1 million square meters globally. We are committed to a net zero carbon target by 2040 without buying offsets. To learn more about Hines, visit www.hines.com and follow @Hines in the Netherlands, Hines in Spain, and Hines in the UK.
¹Includes both the global Hines organization and RIA AUM as of December 31, 2022.
About Hines European Property Partners (HEPP)
HEPP is a diversified open-ended real estate core-plus fund focused on key European markets. HEPP will leverage Hines' vertically integrated platform, seeking to create alpha and deliver superior risk-adjusted returns. The Fund will seek to acquire and develop sustainable assets across a range of sectors including logistics, office, living – residential, student and senior housing. HEPP was launched in Q2 2022.