US real estate group Hines has bought a 378,942-square-foot industrial hub in Warrington in the north west from M&G Real Estate for £22.5 million.
Warrington 379 is on Dallam Lane, close to Junction 9 of the M62 motorway and on the outskirts of Warrington town centre, with the building comprising a main warehouse and additional warehouse with external loading areas. The larger Building 1 is leased to Kammac, while Building 2 is leased to online retailer The Hut Group.
The 260,000 square feet of industrial development underway in the Warrington core market is the lowest construction count in more than three years, according to CoStar analytics. This represents a continuation of new development in the submarket, which had already seen 1.5 million square feet over the past three years, representing an inventory expansion of 6.9%.
Last year, Hines completed €797 million of logistics deals across the Czech Republic, France, Germany, Italy, Poland, the Netherlands and the UK as it increased its logistics assets under management in Europe to €3 billion. Hines has been buying for its funds Hines European Core Fund and Hines European Property Partners.
DTRE represented M&G while ACRE Capital Real Estate advised Hines.