Hines Buys Logistics Park in Moscow
Hines Global REIT, a public unlisted REIT sponsored by Houston-based Hines, has acquired an approximately 70,000-square-metre warehouse complex near Moscow’s Sheremetyevo Airport. The property was sold by AIG. Terms of the transaction were not disclosed.
“FM Logistic Industrial Park is a special acquisition for Hines Global REIT because of the opportunity to invest in our first asset in Russia,” says Charles Hazen, president and CEO of Hines Global REIT.
FM Logistic developed the property from 1998 to 2004 as the main hub for its third-party logistics operation in Russia, and then sold the building to AIG in 2006 as a sale-and-leaseback. The complex continues to be fully let to FM Logistic through 2016.