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.