Hines sells “mission-critical” Royal Mail warehouse
24th March 2022
Global real estate firm Hines has announced the sale of the Royal Mail sorting warehouse in Edinburgh. The industrial building was acquired in 2019 by a fund sponsored by Hines and has been sold to ICG Real Estate for an undisclosed price.
The 215,745 sq ft mission-critical facility is located in Edinburgh’s Sighthill Industrial Estate adjacent to Hermiston Gait Retail Park. Approximately 700 staff are based at the facility with over 900,000 letters and 45,000 parcels handled there daily.
“Logistics remains a hugely important sector for Hines in the UK and Royal Mail’s sorting warehouse is a great example that we are not afraid to consider tactical sales while looking to redeploy capital into more accretive opportunities,” said Greg Cooper, Managing Director at Hines.
Chad Brown, Managing Director at ICG Real Estate commented: “We’re pleased to have acquired this well located and highly mission-critical asset. The investment underlines our ongoing belief in the logistics market’s robust occupational tailwinds with the firm eager to deploy further capital in the sector across Europe.”
ICG was advised by Knight Frank and Marchmont Investment Management.