CBRE Global Investors acquires Manhattan Business & Distribution Centre in Warsaw
CBRE Global Investors has acquired Manhattan Business & Distribution Centre, Warsaw, Poland for EUR30m.
The logistics facility has been acquired on behalf of the Pan European Core Fund (PEC Fund) from Akron Investment Central Eastern Europe II, managed by Heitman International.
The asset is strategically located in the Warsaw’s Zone 1 South logistics region, comprising approximately 29,000 sq m of warehouse space and 11,500 sq m of office space. It is occupied by 12 national and international tenants including Willson & Brown, Konica-Minolta, Xerox, FujiFilm, Kolporter, Euro-Net and Velux. The logistics park is located 2km from Warsaw’s Frederic Chopin International Airport, the biggest airport in Poland and is easily accessible from the city centre of Warsaw (8 km) and A-2 east-west motorway (1 km).
This is the second acquisition made in Warsaw by the PEC Fund with the first being the Warsaw Distribution Centre which completed in December 2012. Both distribution centres are located within 1km of each other and complement each other in the requirements of different tenants. Warsaw Distribution Centre has been designed for tenants looking for smaller business space and the Manhattan Business & Distribution Centre mainly attracts medium to large tenants.
With these two assets in the PEC portfolio, the fund is now able to meet the requirement of all types of tenants looking for accommodation within a few kilometres radius of the main airport in Warsaw. The properties offer quality warehouse and office space from 400 sq m up to 10,000 sq m.
Richard Everett, fund manager of PEC Fund, says: “The purchase of this centre shortly after the acquisition of the Warsaw Distribution Centre demonstrates the interest of the PEC Fund in the logistic market and its sustained commitment to the region. We have been very satisfied with the performance of the Warsaw Distribution Centre and hope that by applying the same asset management standards to the Manhattan Business & Distribution Centre we will be able to create additional value for our investors.
“With these two assets, we have also been able to create a comprehensive offer to tenants looking for quality warehouse and office space in this attractive location.”
Martin Sabelko, managing director of CBRE Global Investors Central and Eastern Europe, says: “The acquisition of this centre demonstrates the continued attractiveness of Central and Eastern Europe to pan-European real estate investors. We believe that two transactions by the PEC Fund carried out in less than one year demonstrates the revived interest in the region and will be one of many to follow. The acquisition of the Manhattan Business & Distribution Centre shows our ability to find and secure assets where we can utilise the asset and investment management skills of our CEE platform to improve the underlying performance.”
Linklaters advised PEC Fund on this transaction.