Hines and Burstone launch pan-European light industrial JV
Hines and Burstone launch pan-European light industrial Joint Venture
- Sector is benefitting from supportive megatrends including SME growth, nearshoring and supply
chain inventory increases - Strategy is seeded with six assets acquired for over R760 million, with market dislocation presenting an attractive entry point
Burstone Group, the fully integrated international real estate business, and Hines, a leading global real estate investment manager, on behalf of Hines European Real Estate Partners III (HEREP III), have formed a joint venture (“JV”) to aggregate a pan-European portfolio of light industrial assets. Burstone will invest 20% of the JV equity and be responsible for investment and asset management activity. This JV builds on Hines’ established European industrial platform, which totalled over €5 billion in gross asset value as of December 2025.
Employing a value-add and opportunistic strategy, the JV is seeking to create and unlock value through investing across the light industrial submarket including stabilised assets, vacant or short income assets with significant repositioning potential, sale and leasebacks as well as development forward fundings and commitments. The initial focus will be on Germany and the Netherlands, Europe’s two most dominant – by road freight and number of major distribution hubs – and liquid industrial & logistics markets. The JV will target assets in established commercial locations near large extended urban areas with good transport links where there is a depth and spread of occupier demand.
The JV has already deployed over R760 million to acquire, predominantly off market, four assets in Germany and two in the Netherlands, totalling c. 49,000 sqm. 90% occupied, as of December 2025, by businesses spanning the warehousing, storage & distribution, last mile and wholesale trade sectors, the JV will undertake a phased capex programme across the portfolio to reposition the assets and drive rental growth.
The JV will leverage the deep sector expertise of Burstone’s 22-strong, pan-European team and track record of its senior leadership, which has been responsible for over R96 billion of industrial and logistics transactions since 2016, including successfully aggregating and selling a major pan-European light industrial strategy in 2021.
Hines European Real Estate Partners is a series of discretionary, closed-ended funds targeting high conviction, thematic investments in prime European markets. HEREP III held its final closing in November 2023 with over €1.6 billion in equity, positioning it as one of Europe’s largest closed value-add funds. The HEREP series’ total equity commitments now exceed €3.4 billion as of December 2005, including €1.8 billion from its two predecessors.
Andrew Wooler, CEO of Burstone Group, commented: “This partnership is another milestone in further broadening our capital partner base and delivering on our strategy of building global fund and asset management business. Our focus now is to execute on an attractive pipeline of strategically aligned and accretive opportunities in high growth locations in Europe’s dominant industrial and logistics submarkets.”
Alfonso Munk, Global Co-Head of Investment Management, Hines, added: “Today’s market presents a compelling opportunity for patient capital, as supply chain shifts driven by nearshoring and deglobalization strengthen the role of light industrial real estate. With attractive entry pricing and
resilient fundamentals, this segment is well suited to our HEREP III strategy.”

























































