Blackbrook Capital acquires prime logistics facility
Blackbrook Capital (Blackbrook), a European independent real estate investment firm focusing on mission-critical commercial property, has acquired a 100,000 sq m Class-A logistics facility in Poland. The transaction price was not disclosed.
Located in Poznan, one of the core logistics markets in Poland, the facility is 100 per cent leased to a global e-commerce player subject to a long-term net lease. Panattoni, the largest industrial developer in Europe, delivered the distribution centre in 2014. The facility benefits from a large land parcel providing substantial manoeuvring space and expansion potential, as well as state of the art logistics specifications with good environmental credentials. The purchase price was in line with replacement cost.
Poznan is a vivid logistics market with strong fundamentals; it is located on the E30 primary motorway connecting Warsaw and Berlin, and over the past decade has experienced increasing demand from both local and international occupiers.
The tenant, a global e-commerce player, maintains a strong market position in German e-commerce sales. It is expected to continue its growth trajectory benefitting from both the secular shift towards e-commerce, as well as the tailwinds from Covid-19 that have positively impacted online retailers.
Allen & Overy acted as Blackbrook’s legal counsel. CBRE, Dentons, PwC and Sentient and advised the seller, GLL Real Estate Partners (a Macquarie Group company).
Arvi A I Luoma, Co-Founder & CEO of Blackbrook, says: “This asset represents a strategic facility in the tenant’s European distribution network. Situated in close proximity to the German border, the facility services a massive regional area, including Berlin, and has a large workforce on its doorstep. The asset matched our investment criteria closely – a tenant with strong credit rating, a mission-critical site, attractive real estate fundamentals, a long-term lease and located in an established European logistics market we know and understand well.
“This also marks a significant investment for Blackbrook, as our largest since we launched in March 2020. Closing on such a major investment during this challenging market environment is a testament to our team’s ability to execute efficiently and satisfy the requirements of our counterparties, whilst meeting our own investment objectives and adhering to our strict underwriting criteria. We look forward to working with real estate advisors, corporate tenants, developers and other participants in the European market as the real estate industry recovers in the face of the crisis.”
Sean Doyle, Head of Investment Properties CBRE Poland, says: “In this market, it is refreshing to see a transaction close this quickly and on an all-equity basis, indicative of the quality of the asset and the mark of trusted counterparties working together.”