Hines acquires 4 industrial estates from LondonMetric
Hines has acquired a portfolio of four multi-let industrial estates in the West Midlands of the United Kingdom from LondonMetric Property for £40.5 million ($51 million).
Three of the properties are located in Birmingham (Kingshill, Redwood Park and Shenstone), and the fourth is in Rugby (Triton Park). The estates span 435,000 square feet across 47 units, which are a mixture of light industrial, trade and mid-box warehousing.
Hines said the transaction is consistent with its value-focused logistics acquisition strategy. The four assets have locations that take advantage of compelling supply-and-demand dynamics and are highly functional for the needs of current and future occupiers.
LondonMetric acquired the properties in 2019 as part of the Mucklow acquisition for an allocated price of £30.9 million ($39 million). The company said it has now disposed of £194 million ($242 million) of former Mucklow assets, equating to 35 percent of the original portfolio.