Hines and Metropolitan Real Estate Equity Management acquire cold-storage facility

Hines and a subsidiary of real estate funds managed by Metropolitan Real Estate Equity Management have acquired a 33,800-square-meter (363,820-square-foot) cold-storage facility and adjacent development site in China’s Greater Bay Area.

The class A cold-chain asset and development site are strategically located in Dongguan’s Shatian District, the premier logistics hub for the Greater Bay Area — the Pearl River Delta metro-zone comprised of nine Chinese cities, the Hong Kong and Macau Special Administration Zones, and more than 70 million people therein.

In addition to assuming ownership of the existing operating asset, Hines and Metropolitan will pursue a development program to construct an additional multi-story cold-storage complex on the adjacent site, offering much-needed cold-chain infrastructure to the rapidly growing region.

Claire Cormier Thielke, Hines managing director, said, “We are pleased to partner with Metropolitan on this opportunity. The