Hines acquires Leeds retail park from Tritax
Hines, acting on behalf of Hines Global Income Trust (HGIT), has acquired Junction 27 retail park in Birstall, near Leeds, from Tritax Big Box.
The acquisition marks HGIT’s entry into the UK retail market, and further diversifies the trust’s $4.5bn (£3.4bn) portfolio.
The fully-let retail park comprises 13 units across over 131,000 sq ft of net rentable space. Tenants include Currys, Furniture Village, ScS, Barker and Stonehouse, Pizza Express, TGI Fridays, and Zizzi.
Alfonso Munk, president and chief information officer of HGIT, said: “Real estate has remained resilient, offering reliable cash flow and strategic openings to leverage evolving market dynamics.
“Good buying opportunities are expected to persist, but not all retail is created equal. Having local expertise and being selective are essential, so assets in key locations and specific retail subtypes, such as Junction 27, are particularly appealing.”
According to research from Hines, the global retail sector has a significant percentage of markets in some phase of the ‘buy’ cycle, with larger formats, such as UK retail parks, seeing strong occupier demand and a limited development pipeline. HGIT said it has the ability to pursue compelling real estate investment opportunities wherever they arise, due to its global reach.