Hines Global Income Trust, Inc., a public, non-listed real estate investment trust sponsored by Hines, has purchased a freehold logistics park, ABC Westland, located close to The Hague in the Netherlands.
The logistics park incorporates both a range of 13 existing buildings and land for potential future development. The experienced incumbent management team will remain in place to continue to provide an excellent service to the diverse range of tenants on the park.
The property encompasses 117,000 square meters of logistics warehouse and commercial office space. The roofs of the logistics business premises are equipped with 18,285 solar panels, which supply approximately 30% of the current energy consumption in the park. With an established reputation as one of Europe’s largest logistics hub for food and fresh produce, ABC Westland is home to over 50 food companies and suppliers. This includes commercial enterprises, wholesalers, processing companies, logistical service providers and packing companies handling produce such as fruit and vegetables and floriculture.
“ABC Westland fits perfectly into our global portfolio and its strategic location close to the Port of Rotterdam has enabled the site to become Europe’s leading food logistics hub, serving markets across the region,” said Lars Huber, CEO of Hines Europe. “The fresh produce and food park have massive growth potential.”
Sherri Schugart, chief executive officer of Hines Global Income Trust, added: “Hines Global Income Trust is excited about expanding our presence in the Dutch warehouse market with this strategic acquisition. ABC Westland represents a vital logistics hub in the heart of the Westland with immediate access to the port of Rotterdam and plays an essential role in the global food distribution supply chain.”
Andy Smith, managing director and head of Hines Netherlands, said: “Hines Netherlands is pleased to add to our logistics portfolio in the Netherlands and will continue to look for exceptional opportunities to broaden our investment depth and breadth in the sector together with our growing team of specialist local professionals.”
Hines was assisted by Arcadis, Chatham Financial, CR Capital Advisory, EY, Savills, and Simmons & Simmons and has received financing from pbb Deutsche Pfandbriefbank AG.