Hines has acquired a 20,000-square-meter (215,278-square-foot) retail warehouse, located next to its existing investment, Fresh Park Venlo located in Venlo, Netherlands, on behalf of the Hines Global Income Trust (HGIT).
According to its SEC filing, the acquisition contract price was €19.7 million ($21.4 million).
The Venlo logistics hub is the largest fresh food-distribution hub in Europe, sitting on the border between the Netherlands and Germany, and is responsible for 75 percent of the total container freight from the Netherlands to Germany, with 21,000 trucks crossing the border every day.
The property is fully leased to a cash-and-carry wholesale operator and boasts an A+++ energy label, incorporating sustainability features including a solar-panel system and an innovative thermal energy-storage system.
“We are delighted to have further strengthened Hines’ position in this key location in the Netherlands,” said Andy Smith, senior managing dir