The 215,745 square-foot warehouse is located on Edinburgh’s Sighthill Industrial Estate, adjacent to Hermiston Gait Retail Park. Some 700 staff are based at the facility, with more than 900,000 letters and 45,000 parcels handled there daily.
The industrial building was acquired in 2019 by a fund sponsored by Hines and has now been sold to ICG Real Estate for an undisclosed price.
Greg Cooper, managing director at Hines, said: “Logistics remains a hugely important sector for Hines in the UK and Royal Mail’s sorting warehouse is a great example that we are not afraid to consider tactical sales while looking to redeploy capital into more accretive opportunities.”
Chad Brown, managing director at ICG Real Estate, said: “We’re pleased to have acquired this well located and highly mission critical asset. The investment underlines our ongoing belief in the logistics market’s robust occupational tailwinds with the firm eager to deploy further capital in the sector across Europe.”
Hines is a privately owned global property investment firm founded in 1957 with a presence in 285 cities in 28 countries.
The firm oversees investment assets under management valued at some $90.3 billion (£68.5bn). In addition, Hines provides third-party property-level services to 373 properties totalling 114.2 million square feet.
Since entering Europe in 1991, the firm has grown its European platform to include offices in 17 cities as well as a presence in 60 cities in 14 countries.