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Hines sells warehouse portfolio and Nord Point

Opr./edited TC 03 April 2020
Hines sells warehouse portfolio and Nord Point
One of the logistics parks bought by CGL is situated in Warsaw's Żerań district

POLAND Hines Poland Sustainable Income Fund (HPSIF), an investment fund managed by Hines Polska, has finalised the sale of a portfolio of six distribution parks and the Nord Point office building in Warsaw’s Białołęka district to CGL Investment Holdings Corporation Limited.

The value of the transaction has yet to be disclosed. The portfolio includes logistics parks in Garwolin, Grodzisk Mazowiecki, Legnica, Mysłowice and Toruń (namely, Hines’ Distribution Park Portfolio), as well as DP Żerań and Nord Point. The total leasable area of the properties changing hands comes to 170,000 sqm. Most are built-to-suit projects for companies in the food, cosmetics, automotive and logistics sectors and are almost 100-pct leased.

“All the buildings we have bought from Hines are feature eco-friendly systems and strategic locations near key transport hubs with convenient domestic and international transport links,” comments Kade Cheng, a senior finance manager at CGL Investment Holdings Corporation Limited.

Hines was supported by Dentons, Crido and CBRE for this transaction.

Investing in commercial projects in order to increase their value for their subsequent sale is one of Hines’ key business areas. In 2020, the company plans to expand this part of its business on the Polish market.

“When looking for real estate for investment, we focus primarily on quality buildings in attractive locations. Our goal is to increase the value of such buildings by modernising them in according to ​​sustainability principles. This was the case with the distribution parks and the office space that we are currently selling to CGL. We have concentrated on limiting the environmental impact of our buildings – and as a result, almost all of them have been awarded BREEAM ‘Very Good’ certificates,” comments Łukasz Pawikowski, the asset manager at Hines Polska.

The HPSIF portfolio, which is managed by Hines Polska, currently comprises three office buildings in Warsaw’s Mokotów district: the Ambassador Office Building, Nestlé House and Sky Office Center. Hines manages assets worth USD 133.3 bln, including a USD 71 bln investment portfolio that also includes non-real estate assets, and a USD 62.3 bln portfolio as a property manager. The company is currently developing 165 projects around the world and has a portfolio of 539 assets with a total of ​​app. 21.5 mln sqm.

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