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Hines buys UK distribution center for European value fund

Hines privately bought the Cribbs Causeway Distribution Centre in Bristol, U.K., on behalf of the Hines European Value Fund from M&G Real Estate.

The logistics asset encompasses 423,000 square feet of space divided into refrigerated storage and conventional-stacked storage sections. The entire space is fully let to a single tenant that no longer occupies the property, on a lease expiring in 2020, according to a release.

The deal marked the first logistics purchase for the Hines fund and its fourth acquisition in the past 12 months.

Hines' U.K. team advised on the deal.