Hines has acquired City Central Coventry, a 400,000ft² urban logistics park located in the U.K.’s ‘Golden Triangle,’ a premier location for logistics and distribution operations. The multi-let urban logistics estate is located in Central City Coventry, West Midlands, with access to 90% of the UK’s population within four hours’ drive time, and sits in close proximity to the M6, M1, and A1 motorway networks. A popular gateway and regional last-mile distribution destination, the West Midlands saw growth in last-mile space reach a record 6.4 million ft² in 2021, 42% above its 10-year average of 4.5 million ft², demonstrating its popularity with occupiers.
Matthew Leonard, investment associate at Hines UK, commented: “We continue to have strong conviction for UK logistics and positive e-commerce trends. Central City Coventry is a prime last-mile location providing immediate access to the UK’s major motorway networks, meaning six million people can be accessed in under 30 minutes. We anticipate that well-connected logistics assets in dense residential areas will continue to outperform as occupiers seek to maximise drop densities and expand last-mile footprints.”
Omar Thowfeek, managing director, investments of Hines Global Income Trust added: “The asset’s urban infill location in the Golden Triangle combined with high barriers to entry and tightening market fundamentals make it a strong addition to our existing portfolio of diversified global properties.”
