Hines acquires Cribbs Causeway DC
Hines European Value Fund has acquired Cribbs Causeway Distribution Centre in Bristol which contains 423,000 sq ft of logistics space.
The 423,000 sq ft of logistics space is let to a single tenant whose lease expires in 2020. The space is subdivided into a refrigerated storage section and conventional stacked storage space.
“The pending lease expiry presents us with a substantial opportunity to manage their exit while implementing a major programme of refurbishment and re-letting to execute a rental reversion,” said Hines UK director of industrial and logistics Greg Cooper.