The global real estate firm, Hines, has acquired Cross Point Business Park, an industrial warehouse in the West Midlands, through its Hines Global Income Trust arm for an undisclosed fee.
Comprising 147,000 sq ft of modern specification logistics warehouse space, the site is located within the prime location of the golden triangle, offering access to 90% of the UK population within four hours.
Greg Cooper, director at Hines UK, said: “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.”
The deal marks Hines’ fifth addition to its UK warehouse portfolio in just over a year, and is expected to “increase the attractiveness and value” of the global brand.
Hines is looking to capitalise on the growth in e-commerce sales and omnichannel retail by further enhancing its logistics portfolio through a “tranche of acquisitions” in the coming year.
Omar Thowfeek, managing director of investments at Hines Global, said: “We are excited for this opportunity to deepen Hines Global’s UK logistics presence and enhance our existing portfolio of diversified global properties.
“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.”