Hines, the global real estate firm, announced today that Hines Global Income Trust has acquired City Central Coventry, a 400,000-square-foot urban logistics park located in the U.K.’s ‘Golden Triangle,’ a premier location for logistics and distribution operations.
The multi-let urban logistics estate is located in Central City Coventry, West Midlands, with access to 90% of the UK’s population within four hours’ drive time, and sits in close proximity to the M6, M1, and A1 motorway networks. A popular gateway and regional last-mile distribution destination, the West Midlands saw a growth in last-mile space reach a record 6.4 million square feet in 2021, 42% above its 10-year average of 4.5 million square feet, demonstrating its popularity with occupiers.
This acquisition marks the fifth UK logistics project currently held by Hines Global Income Trust. Situated in key supply-constrained urban locations and servicing world-class occupiers, these properties present strong long-term growth prospects. Globally, its industrial assets span seven countries and make up the largest asset class in its $2.9 billion portfolio, followed by the living sector. Hines Global Income Trust is diversified by geography and real estate sectors, with a focus on stable assets with strong long-term income potential.
Source : Company