An Asian fund has made its Polish debut with the acquisition of five logistics parks from Panattoni.
Financial details were not disclosed.
Covering some 280,000 m2 of space, the parks are situated in Warsaw (Panattoni Park Warsaw North, Panattoni Park Warsaw South), Silesia (Panattoni Park Silesia I), Poznan (Panattoni Park Poznan IV) and Szczecin (Panattoni Park Szczecin II).
Following the transaction, Panattoni will stay on as the properties' facility manager. Savills Investment Management advised the Asian buyer.
Panattoni said that the deal reflects current market trends, particularly the interest from Asian investors in Central and Eastern Europe.
Robert Dobrzycki, CEO Panattoni Europe commented: 'Investors’ appetite for logistics and industrial assets continues to grow across Europe, and particularly in Poland given its economic and locational advantages.
'For Panattoni, this is a very important portfolio deal as we have managed to put together (with our various investors) one of the best portfolios of logistics parks in key markets. Additionally, and not for the first time, when selling our projects, we are staying on as facility managers.'
Jon Crossfield, head of strategic partnerships in Europe at Savills IM added: 'We are delighted to have advised the Asian investor on their first acquisition in Continental Europe and achieving an important first step in building a large, diversified pan-European logistics portfolio.
'We look forward to building on it in 2020 and are already considering a number of opportunities in other countries. The acquisition meanwhile takes our assets under management in Poland to over €1.3 bn, with a further €250 mln in exclusivity in the country.'
Savills Poland advised Savills IM.