Hines acquires £55m Junction 27 in Leeds

The global real estate company has bought the retail park in Birstall from Tritax Big Box.

Offering 131,000 sq ft of commercial retail space split into 13 units, the retail park is fully let and includes tenants such as Currys, Furniture Village, Barker and Stonehouse, TGI Fridays, ScS, and Zizzi.

Acting on behalf of the company’s finance arm Hines Global Income Trust, the acquisition adds to the trust’s £3,4bn portfolio and follows its recent acquisition of Drakehouse in Sheffield.

Accord­ing to research from Hines, retail parks are outperforming traditional shops in terms of occupier demand and also noted there is a limited development pipeline of such parks.

Alfon­so Munk, pres­i­dent and chief information officer of HGIT, said: “Real estate has remained resilient, offer­ing reli­able cash flow and strate­gic open­ings to lever­age evolving mar­ket dynam­ics.

​“Good buy­ing oppor­tu­ni­ties are expect­ed to per­sist, but not all retail is cre­at­ed equal.

“Hav­ing local exper­tise and being selec­tive are essen­tial, so assets in key loca­tions and spe­cif­ic retail sub­types, such as Junc­tion 27, are par­tic­u­lar­ly appealing.”