MINWORTH, BIRMINGHAM-Hines Pan-European Core Fund has acquired a 400,000-sf high-bay distribution warehouse here for $61.65 million (£31.5 million). The seller, chocolate producer Cadbury Ltd., has leased back the facility on a long-term basis.
The Euro-denominated, Luxembourg-regulated fund is managed by Hines. The fund's objective is to acquire a geographically diverse collection of commercial buildings across Europe. The fund held its first closing in June with euro 120 million of equity.
The Cadbury facility, known as Midpoint Center, is the fund's first UK acquisition by the fund. Last year, it acquired a seven-story office building at Uptown Munchen in Munich.
Strutt & Parker advised Hines with regard to the sale-leaseback. Cushman & Wakefield Healey & Baker represented Cadbury.
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