NEWS

Hines Global Income Trust Acquires Miramar Activity Business Center in San Diego

June 30, 2021

This deal represents its third industrial acquisition in California within the last year

(SAN DIEGO) – Hines, the inter­na­tion­al real estate firm, is pleased to announce that Hines Glob­al Income Trust, Inc. (“Hines Glob­al”) has acquired Mira­mar Activ­i­ty Busi­ness Cen­ter, which con­sists of five indus­tri­al flex build­ings in the Mira­mar sub­mar­ket of San Diego.

The 161,000-square-foot com­plex is sit­u­at­ed 1 mile from the I‑15 in Cen­tral San Diego. This loca­tion is advan­ta­geous for ten­ants who need to be well posi­tioned geo­graph­i­cal­ly in the mar­ket since it pro­vides direct access to the major­i­ty of the city’s pop­u­la­tion with­in 30 min­utes. Demand for indus­tri­al and logis­tics real estate has con­tin­ued to grow with­in this mar­ket in recent years, while avail­abil­i­ty has simul­ta­ne­ous­ly dimin­ished. Addi­tion­al­ly, recent cap­i­tal improve­ments have giv­en the asset a com­pet­i­tive advan­tage in retain­ing tenants.

San Diego is prov­ing to be an impor­tant and grow­ing mar­ket for indus­tri­al ten­ants,” said Eric Hep­fer, man­ag­ing direc­tor in the Hines San Diego Office. We are excit­ed to be clos­ing anoth­er indus­tri­al acqui­si­tion in the San Diego mar­ket. Mira­mar Activ­i­ty Busi­ness Cen­ter is a best-in-class busi­ness park in one of San Diego’s most robust submarkets.”

Omar Thowfeek, man­ag­ing direc­tor, invest­ments of Hines Glob­al added, The area’s siz­able labor pool for flex and dis­tri­b­u­tion-focused ware­house space, com­bined with the prime loca­tion, make Mira­mar Activ­i­ty Busi­ness Cen­ter a strong long-term invest­ment 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 94% leased. With this acqui­si­tion, the port­fo­lio holds 16 indus­tri­al assets, which make up half its over­all val­ue. Its indus­tri­al allo­ca­tion spans 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 330 projects in 13 coun­tries. Glob­al­ly, the firm has acquired 42 mil­lion square feet of space and devel­oped 47 mil­lion square feet (with 10.9 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​.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 240 cities in 27 coun­tries. Hines over­sees a port­fo­lio of assets under man­age­ment val­ued at approx­i­mate­ly $160.9 bil­lion¹, includ­ing $81.7 bil­lion in assets under man­age­ment for which Hines serves as invest­ment man­ag­er, and $79.2 bil­lion rep­re­sent­ing more than 172.9 mil­lion square feet of assets for which Hines pro­vides third-par­ty prop­er­ty-lev­el ser­vices. His­tor­i­cal­ly, Hines has devel­oped, rede­vel­oped or acquired approx­i­mate­ly 1,450 prop­er­ties, total­ing over 485 mil­lion square feet. The firm has more than 180 devel­op­ments cur­rent­ly under­way around the world. With exten­sive expe­ri­ence in invest­ments across the risk spec­trum and all prop­er­ty types, and a pio­neer­ing 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 Decem­ber 312020.

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.

Press Contacts
George C. Lancaster

Senior Vice President
Corporate Communications
713 966 7676