Hines, the global real estate firm, has announced 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.
Matthew Leonard, investment associate at Hines UK, commented, “We continue to have strong conviction for UK logistics and positive e-commerce trends. Central City Coventry is a prime last-mile location providing immediate access to the UK’s major motorway networks, meaning six million people can be accessed in under 30 minutes. We anticipate that well-connected logistics assets in dense residential areas will continue to outperform as occupiers seek to maximise drop densities and expand last-mile footprints.”
Omar Thowfeek, managing director, investments of Hines Global Income Trust added, “The asset’s urban infill location in the Golden Triangle combined with high barriers to entry and tightening market fundamentals make it a strong addition to our existing portfolio of diversified global properties.”
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.
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