Panattoni Europe, part of the Panattoni Development Company, one of the largest industrial developers in the world, has sold two portfolios of Polish logistics assets to affiliates of LogiCor, a pan-European logistics platform established by real estate funds managed by The Blackstone Group L.P affiliates. The assets, amounting to 402,000 square meters of space, were disposed of in two separate transactions in Q4 of 2012.
The first transaction was completed in October 2012 and involved four projects from Poland's key logistics markets previously held by a joint-venture between Panattoni and another investor and totaling 218,000 square meters of space. The second transaction took place in December 2012 and involved the sale of a portfolio including nine newly-built logistics assets spread across Poland and amounting to 184,000 square meters. This portfolio had been developed through a partnership with Pramerica Real Estate Investors, the European branch of the U.S.-based Prudential Financial, Inc.'s real estate investment management and advisory operation.
"We are extremely happy to see that, due to its fundamentals, the Polish industrial real estate sector continues to perform well and attracts property investments. Together with our partners we have delivered strategically located, great quality, modern industrial properties that generated interest from such a reputable investor as Blackstone. We are also happy that Blackstone acknowledged the quality of our management platform and decided to retain Panattoni as asset and property manager," said Robert Dobrzycki, Managing Partner for Central Europe at Panattoni Europe.
"The sale of these assets crystalizes a successful joint venture with Panattoni and further confirms the ability of Pramerica to source and invest in select opportunities across Europe that deliver attractive returns to investors, especially on a risk adjusted basis," added Ben Penaliggon, Director of European Funds at Pramerica.
LogiCor and its affiliates currently own 2.5 million square meters (26 million square feet) spread among 91 high-quality properties located in the UK, France and Poland. Their assets serve logistics and distribution needs of manufacturers, retailers and third-party logistics solutions providers.
"We are pleased to have been able to expand the reach of LogiCor into Poland, where the market for modern, efficient industrial properties continues to strengthen. We look forward to working with our tenants to support their growing needs for high-quality logistics and light industrial real estate," stated Mo Barzegar, President and CEO of LogiCor Europe Ltd.