Hines Global Income Trust, Inc. (Hines Global) has acquired Cross Point Business Park, an industrial warehouse in the West Midlands, 24 miles east of Birmingham outside of Coventry, UK.
The acquisition marks Hines Global’s fifth project in a portfolio of strategically added UK industrial warehouses in just over a year.
Cross Point Business Park, leased to Restore PLC, a support services company, is a 147,000-square-foot, modern specification logistics warehouse constructed in 1994 and comprehensively refurbished and extended in 2015.
It is located in the ‘Golden Triangle’, the U.K.’s premier location for logistics and distribution operations. This location provides direct access to major roadway networks, ports, railways and airports, enabling deliveries to reach over 90% of the UK population within four hours.
“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,” said Greg Cooper, Director at Hines UK. “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.”
“We are excited for this opportunity to deepen Hines Global’s UK logistics presence and enhance our existing portfolio of diversified global properties,” said Omar Thowfeek, Hines Global’s Managing Director – Investments. “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.”