Hines has sold the Royal Mail sorting warehouse in Edinburgh to ICG Real Estate for an undisclosed price.
The industrial building was acquired in 2019 by a fund sponsored by Hines.
The 215,745 square-foot, mission critical facility is 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.
“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.
Chad Brown, Managing Director at ICG Real Estate commented, “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.”