Hines Pan-European Core Fund acquires logistics center in the Netherlands

Hines has acquired the 62,000-square-meter (667,362-square-foot) Urban Logistics Distribution Centre in Utrecht, the Netherlands, on behalf of the Hines Pan-European Core Fund (HECF). Hines acquired the asset from vendor Ramphastos for an undisclosed price.

The Urban Logistics Distribution Centre is occupied by retailer HEMA and acts as the company’s logistics hub for the Benelux region, serving more than 550 HEMA stores. HEMA has occupied the site since 1965 and will lease the warehouse from HECF for 10 years.

The complex is located in Utrecht’s Lage Weide urban logistics hub in the center of the Netherlands. Utrecht is one of the four major cities in The Netherlands and part of the Randstad metropolitan area, the fourth-largest metropolitan area in Europe with a population of 8.2 million.

Since 2019, HECF has sought to increase exposure to urban logistics and residential assets in key European cities within its portfolio. The Urban Logistics Distribution C