Panattoni Europe has disposed of two portfolios of logistics assets located in Poland, totalling 402,000 sq m of space, to affiliates of LogiCor, the pan-European logistics platform established by real estate funds managed by affiliates of The Blackstone Group.
The first transaction closed in October 2012 and consisted of four projects located in Poland’s key logistics markets, totalling 218,000 sq m of space. The projects were previously held by a joint-venture between Panattoni and another investor. Bank Pekao SA provided the debt financing for the acquisition as sole lender.
The second transaction closed in December 2012, and consisted of a portfolio of nine newly-built logistics assets throughout Poland, totaling 184,000 sq m. The portfolio was co-developed with Pramerica Real Estate Investors, the European arm of the US-based Prudential Financial's real estate investment management and advisory business. German bank Helaba (Landesbank Hessen-Thüringen) provided the debt financing for the acquisition as sole lender.
Robert Dobrzycki, managing partner for Central Europe at Panattoni Europe, says: "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.”
Ben Penaliggon, director of European funds at Pramerica, says: "The sale of these assets crystallises 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.”
LogiCor, together with its affiliates, owns 2.5 million square metres (26 million square feet) in 91 properties in the UK, France and Poland, serving the logistics and distribution needs of manufacturers, retailers and third-party logistics solutions providers. Blackstone’s comparable company in the US, IndCor, currently manages properties totalling 83 million square feet in 40 key logistics markets in 23 states.
Ken Caplan, head of real estate for Blackstone in Europe, says: “With the addition of these two portfolios, we are further building on our strategy of acquiring high-quality, well-located logistics properties in Europe, through the LogiCor platform. These assets complement our other logistics properties across Europe in terms of their tenant quality, efficient design, and excellent locations. We look forward to continuing to growing and developing this important asset class in our overall European real estate portfolio.”