A GLOBAL real estate company has bought a sprawling retail site.

Hines, acting on behalf of Hines Global Income Trust (HGIT), has acquired Junction 27 retail park in Birstall from Tritax Big Box.

The acquisition adds to the trust’s £3.4 billion portfolio.

The retail park is fully-let and includes tenants such as Currys, ScS, Zizzi, TGI Fridays, Furniture Village, and Barker and Stonehouse.

Accord­ing to research from Hines, retail parks are outperforming traditional shops in terms of occupier demand.

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.”

A spokesperson for Hines added: “The addition of Junction 27 marks HGIT’s entry into the UK retail market, highlighting its commitment to diversification by geography and real estate sectors, while focusing on stable assets with strong long-term income and growth potential. 

“The asset is a well-configured, 100 per cent leased retail park comprised of 13 suites over 131,000 square feet of net rentable space.

“Its key position in the Birstall cluster, one of the UK’s premier retail districts along the M62 motorway, benefits from connectivity to the major populations of both Leeds and Bradford.

“Supported by strong demographics and an IKEA shadow anchor, the property has benefitted from robust sales, high foot traffic and long-term tenants, including Currys Group Ltd, a major electronics retailer, and ScS Group plc, a home furnishings store.”

Junction 27 retail park’s website states: “Welcome to Junction 27, where you’ll discover an array of top homeware and tech brands, delightful dining options, and the convenience of over 400 free car parking spaces.”

Hines is one of the largest private real estate investors and managers in the world.

Its website states: “Every day, our 5,000 employees in 30 countries draw on our 68-year history to build the world forward by investing in, developing and managing some of the world’s best real estate.

“With extensive experience in investments across the risk spectrum and all property types, Hines is one of the largest and most respected real estate organisations in the world.”