The Moscow office of Hines, the international real estate firm, announced today that Hines Global REIT has acquired FM Logistic Industrial Park from AIG European Real Estate Partners, LP. The 750,000-ft² (approx. 69,675-m²) industrial/warehouse complex is located two miles from Sheremetyevo Airport, one of two large international airports in Moscow and the primary hub for cargo transport in Russia.
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The complex was constructed in 1998-2004 by FM Logistic.
The complex was constructed in 1998-2004 by FM Logistic as the primary hub for the firm's third-party logistics operations in Russia. In 2006, FM Logistic completed a sale-leaseback with AIG. The property is fully leased to FM Logistic through 2016. Hines intends to continue the ongoing BRE Environmental Assessment Method (BREEAM) certification process, which, once completed, will mark the facility as the first industrial complex in Russia to receive this rating.
"We are pleased to add this asset to our Russian portfolio," said Hines Senior Vice President Lee Timmins. "Everything about the property attracted us. We are actively looking to acquire other assets with similar characteristics."
"FM Logistic Industrial Park is a special acquisition for Hines Global REIT because of the opportunity to invest in our first asset in Russia," said Charles Hazen, President and CEO of Hines Global REIT. "Hines Global REIT should benefit from the performance of this well-located, fully leased quality asset and the portfolio diversification it provides."
Source: Hines
"We are pleased to add this asset to our Russian portfolio," said Hines Senior Vice President Lee Timmins. "Everything about the property attracted us. We are actively looking to acquire other assets with similar characteristics."
"FM Logistic Industrial Park is a special acquisition for Hines Global REIT because of the opportunity to invest in our first asset in Russia," said Charles Hazen, President and CEO of Hines Global REIT. "Hines Global REIT should benefit from the performance of this well-located, fully leased quality asset and the portfolio diversification it provides."
Source: Hines
