Hines fund raises €141m, acquires logistics center in London

Hines has acquired an 85,000-square-foot urban logistics center in Enfield, Greater London, on behalf of the Hines Pan-European Core Fund.

The acquisition comes as the Hines Pan-European Core Fund has secured a further €141 million ($159 million) of new commitments, and the deal confirms the recently announced expansion of the fund’s investment scope to include urban logistics and residential.

The purpose-built e-commerce distribution center was completed in 2010 and is fully let to retailer John Lewis Partnership. Located within the Innova Business Park, the site is just 1.5 miles from Junction 25 of London’s M25 orbital motorway and benefits from easy access into central London. The site was acquired in an off-market transaction for an undisclosed price.

Peter Epping, fund manager of the Hines Pan-European Core Fund, said, “This is an excellent asset that will generate positive long-term returns and benefit from the high demand for e-commerce facilitie