Bristol DC with lease due to expire changes hands
09 January 2019
Hines European Value Fund (HEVF) has acquired Cribbs Causeway DC, a value add-profile logistics investment located in Bristol.
Cribbs Causeway DC is located adjacent to Junction 17 of the M5 motorway, 7 miles north of Bristol’s city centre, and contains 423,000 sq ft of logistics space that is currently subdivided into a refrigerated storage section and conventional stacked storage space. The asset is fully let to a single tenant, although they are no longer in occupation and their lease expires in 2020.
Greg Cooper, director of industrial and logistics in July, Hines UK said: "This off-market deal demonstrates our ability to source attractively priced, good quality and well-located assets in a very competitive market. 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."