Hines, a global real estate investment, development, and property manager, has acquired a portfolio of four multi-let industrial estates in the West Midlands on behalf of its Hines European Value Fund 2 (HEVF 2) from London Metric.

The four estates comprise a 47-unit mix of light industrial, trade and mid-box warehousing totaling 434,000 sq ft. Three of the estates benefit from excellent proximity to Birmingham City Centre (Kingshill, Redwood Park and Shenstone), while the fourth is located in Rugby (Triton Park), a key town in terms of logistics in the West Midlands.

Consistent with Hines’ value-focused logistics acquisition strategy, the four assets have strong locations that take advantage of compelling supply and demand dynamics and are highly functional for the needs of current and future occupiers.

Paul White, HEVF 2 fund manager, said: “We see the UK industrial and logistics marketplace as one of the best examples in Europe of the sector’s strong fundamentals, with significantly adjusted entry pricing. This latest transaction reflects our conviction in the vital importance of the small to mid-box industrial and logistics property market to the regional and national UK economy. We aim to continue acquiring attractively priced, income-producing industrial assets across the UK where we can add value over time through proactive asset management and accretive capital expenditure on ESG initiatives.”