Hines Global Income Trust Acquires Eastgate Park in Prague

(PRAGUE, CZECH REPUB­LIC) – Hines, the inter­na­tion­al real estate firm, is pleased to announce that Hines Glob­al Income Trust, Inc. (“Hines Glob­al”) has acquired East­gate Park. This prop­er­ty is the 17^th indus­tri­al asset in the Hines Glob­al port­fo­lio and is 99% leased. 

The 39,000-square-meter last-mile logis­tics facil­i­ty is sit­u­at­ed in an estab­lished indus­tri­al zone sur­round­ing Průmyslová (“Indus­tri­al”) street in Štěr­bo­holy – a well-known and sought-after indus­tri­al area with­in the Prague metro area. East­gate Park’s pre­mier last mile loca­tion ben­e­fits from excel­lent links to the motor­way net­work, allow­ing it to ser­vice 95% of Prague’s pop­u­la­tion with­in a 30-minute dri­ve and mak­ing this project attrac­tive for last-mile logis­tics, e‑commerce and par­cel deliv­ery occupiers.

“The Czech Repub­lic is prov­ing to be an impor­tant and grow­ing mar­ket for indus­tri­al ten­ants,” said Mietek Godzisz, senior man­ag­ing direc­tor in the Hines Prague Office. ​“We have strong con­vic­tion about future growth here. East­gate Park is a best-in-class busi­ness park in one of the Czech Republic’s most robust markets.”

David Bouck, direc­tor of the Charn­wood Com­pa­ny and the sell­er of the East­gate Park added, ​“After sev­er­al years of tar­get­ed invest­ment and upgrades, as well as the recent con­struc­tion of over 7,000 square meters of new stor­age and flex build­ings, we have con­vert­ed the project into an excep­tion­al­ly well locat­ed last-mile prop­er­ty. I am pleased that Hines Glob­al has cho­sen this asset to be their invest­ment into the grow­ing Czech indus­tri­al market.”

Omar Thowfeek, man­ag­ing direc­tor, invest­ments of Hines Glob­al, con­clud­ed, ​“The area’s siz­able labor pool for flex and dis­tri­b­u­tion-focused ware­house space, com­bined with the prime loca­tion, make East­gate Park a strong long-term last-mile dis­tri­b­u­tion loca­tion and sol­id addi­tion to the exist­ing Hines Glob­al portfolio.”

Hines Glob­al is diver­si­fied by geog­ra­phy and real estate asset class, with a focus on strate­gic sec­tors and mar­kets. Its $2.3 bil­lion port­fo­lio is 95% leased. Its indus­tri­al allo­ca­tion, which makes up rough­ly half of the portfolio’s val­ue, now includes the Czech Repub­lic along with the Unit­ed States, Nether­lands, Unit­ed King­dom, Poland, Ger­many and Spain.

Hines has been invest­ing and devel­op­ing in the indus­tri­al real estate sec­tor since 1957 with more than 341 projects in 14 coun­tries. Glob­al­ly, the firm has acquired 45 mil­lion square feet of space and devel­oped 49 mil­lion square feet (with 9.9 mil­lion square feet of projects cur­rent­ly in design or under devel­op­ment) in the indus­tri­al sector.

About Hines Glob­al
Hines Glob­al is a pub­lic, non-list­ed real estate invest­ment trust spon­sored by Hines. It com­menced oper­a­tions in 2014 and invests in com­mer­cial real estate invest­ments locat­ed in the Unit­ed States and inter­na­tion­al­ly. For addi­tion­al infor­ma­tion about Hines Glob­al, vis­it www​.www​.hines​glob​al​in​cometrust​.com.

About Hines
Hines is a pri­vate­ly owned glob­al real estate invest­ment firm found­ed in 1957 with a pres­ence in 255 cities in 27 coun­tries. Hines over­sees invest­ment assets under man­age­ment total­ing approx­i­mate­ly $83.6 bil­lion¹. In addi­tion, Hines pro­vides third-par­ty prop­er­ty-lev­el ser­vices to more than 367 prop­er­ties total­ing 138.3 mil­lion square feet. His­tor­i­cal­ly, Hines has devel­oped, rede­vel­oped or acquired approx­i­mate­ly 1,486 prop­er­ties, total­ing over 492 mil­lion square feet. The firm cur­rent­ly has more than 171 devel­op­ments under­way around the world. With exten­sive expe­ri­ence in invest­ments across the risk spec­trum and all prop­er­ty types, and a foun­da­tion­al com­mit­ment to ESG, Hines is one of the largest and most-respect­ed real estate orga­ni­za­tions in the world. Vis­it www​.hines​.com for more information.

¹In­cludes both the glob­al Hines orga­ni­za­tion as well as RIA AUM as of June 30, 2021.

The Charn­wood Com­pa­ny
The Charn­wood Com­pa­ny (www​.charn​wood​.cz) is a Prague based own­er, devel­op­er, investor, and asset man­ag­er of insti­tu­tion­al real estate. The com­pa­ny main­tains a strong local team of qual­i­fied pro­fes­sion­als with proven expe­ri­ence in com­mer­cial real estate in Czech Republic.

For­ward-Look­ing State­ments
State­ments in this press release, includ­ing inten­tions, beliefs, expec­ta­tions or pro­jec­tions relat­ing to the acqui­si­tion described here­in, are for­ward-look­ing state­ments with­in the mean­ing of Sec­tion 27A of the Secu­ri­ties Act of 1933, as amend­ed, and Sec­tion 21E of the Secu­ri­ties Exchange Act of 1934, as amend­ed. Such state­ments are based on cur­rent expec­ta­tions and assump­tions with respect to, among oth­er things, the val­ue to be gen­er­at­ed by the busi­ness cen­ter, future expan­sion of Hines Global’s world­wide logis­tics port­fo­lio, future eco­nom­ic, com­pet­i­tive and mar­ket con­di­tions and future busi­ness deci­sions that may prove to be incor­rect or inac­cu­rate. Impor­tant fac­tors that could cause actu­al results to dif­fer mate­ri­al­ly from those in the for­ward-look­ing state­ments include the risks asso­ci­at­ed with Hines being able to suc­cess­ful­ly man­age the busi­ness cen­ter, the ten­ant remain­ing com­mit­ted to its lease oblig­a­tions and con­tin­u­ing to pay rent in a time­ly man­ner and oth­er risks described in the ​“Risk Fac­tors” sec­tion of Hines Glob­al’s Annu­al Report on Form 10‑K for the year end­ed Decem­ber 31, 2020, as updat­ed by its oth­er fil­ings with the Secu­ri­ties and Exchange Com­mis­sion. You are cau­tioned not to place undue reliance on any for­ward-look­ing statements.