Panattoni Europe has disposed of two portfolios of logistics assets located in Poland, totaling 402,000 m² of space to affiliates of LogiCor, the pan-European logistics platform established by real estate funds managed by affiliates of The Blackstone Group L.P. (NYSE:BX).
The first transaction closed in October 2012 and consisted of four projects located in Poland’s key logistics markets, totaling 218,000 m² of space. The projects were previously held by a joint-venture between Panattoni and another investor. Bank Pekao S.A. 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 m². The portfolio was co-developed with Pramerica Real Estate Investors, the European arm of the U.S.-based Prudential Financial, Inc.'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 comments: " 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 comments: " 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.” LogiCor, together with its affiliates, today owns 2.5 million square meters (26 million square feet) in 91 high-quality 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 United States, IndCor, currently manages properties totaling 83 million square feet in 40 key logistics markets in 23 states.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV