Investec provides Hines with financing for West Midlands multi-let industrial portfolio

Investec Real Estate has provided Hines’ European Value Fund 2 (HEVF2) with financing to complete the acquisition of four multi-let industrial estates in the West Midlands.

Acquired from LondonMetric Property, the portfolio comprises 47 units, totalling 434,000 sq ft.

Three of the estates are near Birmingham City Centre, while the fourth is in Rugby.

Mike Russell at Investec Real Estate, said: “This latest transaction reflects our long-standing strategy of backing best-in-class borrowers investing in asset classes with attractive growth prospects.

“We are increasingly financing schemes where a programme of capital expenditure aimed at enhancing sustainability credentials will be delivered.”

“The West Midlands is a key industrial market, which benefits from excellent transport connectivity.

“This makes it highly attractive to occupiers requiring access to a significant population in a short drive time.

“This is our second deal with Hines, which reflects our approach of working with repeat borrowers and building long-term partnerships.” 

Paul White, senior managing director at Hines and fund manager for HEVF 2, added: We are delighted to deepen our relationship with Investec through this transaction.

“The UK multi-let industrial space is a high conviction investment theme for the Hines’ value fund series and this acquisition is another sign of our intent to aggregate a significant, balanced and diversified portfolio in this space, in this particular phase of the market.”