MOSCOW-Hines Global REIT has acquired a 750,000-square-foot warehouse complex here from AIG European Real Estate Partners LP. The sale price of the property, located near Sheremetyevo Airport, was undisclosed.
FM Logistic built the complex in 1998 as its primary hub for third-party logistics operations in Russia. AIG reportedly bought the complex for $60 million in 2006 and leased it back to FM through 2016.
Hines officials said in a statement that it is actively looking to acquire other assets with similar characteristics. Charles Hazen, president and CEO of the Hines trust, said this purchase is special because it’s the trust’s first asset in Russia. The trust commenced its $3.5 billion initial public offering in August 2009 and has raised more than $550 million. This purchase is the third international acquisition and the seventh buy in total for the trust.
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