Hines, the US developer and investment manager, has recently acquired a cold storage property in Queensland as part of its flagship Asia Pacific fund. This acquisition marks the second acquisition in the state and the seventh industrial asset in Australia for Hines. The property in Ormeau, a suburb between Brisbane and Gold Coast, is the first cold storage asset for Hines Asia Property Partners, a commingled APAC core-plus fund. The financial details and the seller’s identity have not been disclosed.
Alysia Reilly, the head of industrial and logistics for Australia at Hines, highlighted the country’s growing demand for cold storage space. She mentioned that, apart from favourable macroeconomic conditions, building technologies and standards advancements have reduced the perceived risk associated with cold storage investments. Reilly emphasized that the development in Ormeau presents a strategic opportunity to benefit from the current supply and demand dynamics, particularly as the leasing market across the entire East Coast of Australia is experiencing tight conditions.
Situated at 31 Lahrs Road, the acquired property in Ormeau spans 1,038 square metres and is located in an established industrial precinct that has become a hub for cold storage occupiers. The property’s prime location offers easy access to the M1 motorway via the Lahrs Road on- and off-ramps. In terms of sustainability, the building incorporates features such as rainwater harvesting, LED lighting, and solar power. The property is available for lease as a whole or as two separate tenancies of 519 square meters each, according to Cushman & Wakefield, the leasing agent.
About Hines
Hines, founded in 1957, is a prominent US developer and investment manager with a rich history in the real estate industry. With its headquarters in Houston, Texas, the company has established a robust global presence and has been involved in some of the most iconic and influential real estate projects worldwide. Known for its expertise in developing, acquiring, and managing high-quality properties, Hines has built a diverse portfolio that spans various sectors, including office buildings, residential complexes, retail centres, and industrial facilities.
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