08 July 2020

An international real estate firm has announced its acquisition of a UK warehousing site for Coca-Cola in a deal worth more than £20m.

Hines, which is based in the US, has worked with AEW UK Investment Management to complete a £20.635m deal to acquire Wakefield 41 Industrial Park from AEW UK Core Property Fund.

Located in Wakefield, West Yorkshire, the 207,115 sq ft facility is occupied by warehousing and logistics operator Integrated Third Party Logistics Ltd (ITPL) pursuant to a lease with ten years remaining.

The property provides warehousing services for Coca-Cola’s largest European manufacturing plant, which is adjacent to the asset.

Omar Thowfeek, Hines managing director – investment management, commented: “We are pleased for this opportunity to further expand Hines Global’s UK logistics presence and enhance our existing portfolio of diversified global properties.”

Michael Shears, Executive Director at AEW UK, added:, “Since acquisition in 2013, AEW has undertaken a proactive and thorough programme of asset management and building improvement culminating in the completion of the refurbished and extended logistics unit, under-budget, to an industry high standard.”

Greg Cooper, Hines UK director of industrial and logistics, said: “The site is a key location for the occupant and has recently doubled in size following a period of considerable growth.

“This latest transaction builds on our strategy to acquire logistics assets that are situated in key distribution nodes and provide critical infrastructure to tenants.”