Hines acquires first cold storage property in Queensland, Australia

Hines Asia Property Partners (HAPP), Hines’s flagship commingled Asia Pacific core-plus fund, has expanded into the cold storage sector with an acquisition in Queensland, Australia. The deal marks the second acquisition by HAPP in Queensland and the seventh industrial and logistics asset acquired by the fund in Australia.

“We are seeing increased demand for the cold storage sector, not just in Australia but across Asia Pacific, as consumer appetite continues to shift post-COVID towards online grocery and meal deliveries,” said Chiang Ling Ng, CIO – Asia at Hines. “Investments such as these are vital as economies are recognizing the importance of addressing the shortage in supply of reliable refrigerated facilities, particularly for the storage of fresh produce, vaccines and other nondiscretionary goods, so Hines is looking forward to bringing our best-in-class global expertise to develop cold storage spaces like this across Asia Pacific.”

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