(LONDON) – Hines, the global real estate firm, today announced the sale of the Royal Mail sorting warehouse in Edinburgh. The industrial building was acquired in 2019 by a fund sponsored by Hines and has been sold to ICG Real Estate for an undisclosed price.
The 215,745 square-foot, mission critical facility is located in Edinburgh’s Sighthill Industrial Estate adjacent to Hermiston Gait Retail Park. Approximately 700 staff are based at the facility with over 900,000 letters and 45,000 parcels handled there daily.
“Logistics remains a hugely important sector for Hines in the UK and Royal Mail’s sorting warehouse is a great example that we are not afraid to consider tactical sales while looking to redeploy capital into more accretive opportunities,” said Greg Cooper, managing director at Hines.
Chad Brown, Managing Director at ICG Real Estate commented, “We’re pleased to have acquired this well located and highly mission critical asset. The investment underlines our ongoing belief in the logistics market’s robust occupational tailwinds with the firm eager to deploy further capital in the sector across Europe.”
ICG was advised by Knight Frank and Marchmont Investment Management.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 285 cities in 28 countries. Hines oversees investment assets under management valued at approximately $90.3 billion¹. In addition, Hines provides third-party property-level services to 373 properties totaling 114.2 million square feet. Historically, Hines has developed, redeveloped or acquired approximately 1,530 properties, totaling over 511 million square feet. The firm currently has more than 198 developments underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a foundational commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world.
Since entering Europe in 1991, Hines has grown its European platform to include offices in 17 cities as well as a presence in 60 cities in 14 countries. Hines oversees investment assets under management valued at approximately €24.5 billion and provides third-party property-level services totaling 4.3 million square metres in Europe, in Austria, Czech Republic, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Poland, Spain and the United Kingdom.
Visit www.hines.com for more information.
1Includes both the global Hines organization as well as RIA AUM as of 31 December 2021