Hines has acquired the Royal Mail sorting warehouse in Edinburgh from RPMI RailPen for around €29.4m (£25m). The 215,745ft² facility, occupied by Royal Mail, is located on Edinburgh’s Sighthill Industrial Estate adjacent to Hermiston Gait Retail Park to the west end of the city. The property serves as the collection and sorting point for all mail from the east side of Scotland and employs over 700 people on site. The acquisition marks the third investment in UK logistics assets by Hines Global in 2019.
Sherri Schugart, Chief Executive Officer of Hines Global, said: “We are excited to expand Hines Global’s presence in the UK logistics market by completing our third strategic logistics acquisition in the UK and our ninth acquisition worldwide this year. We continue to see attractive opportunities to acquire high-quality assets in strategic markets globally.”
Greg Cooper, Hines UK director of industrial and logistics, said: “The site is a key location for Royal Mail and is well-positioned to serve Edinburgh and the wider east of Scotland. We continue to see value in logistics assets that benefit from close proximity to established distribution nodes and good tenants.”
