US-based global investor, LaSalle Investment Management, has purchased a warehouse complex in Warsaw, Poland.
Financial details were not disclosed.
The asset named Panattoni Park Warsaw West comprises seven units spread across 43,000 m2 , with 79 loading docks and 380 parking spaces.
LaSalle bought the property from Panattoni, which developed the building in 2017 and has operated it since.
Located in the Grodzisk Mazowiecki suburb close to a major road network, current occupiers include Rhenus Group, the international logistics services provider, and Nunner, the logistics services firm.
LaSalle made the acquisition on behalf of its Encore+ fund, which focuses upon continental Europe and has a €1.7 bn net asset value (NAV), comprising 30 assets.
David Ironside, fund manager of Encore+, said: ‘This is another important acquisition for Encore+ that increases its exposure to logistics in Warsaw, the fastest-growing market in Poland, through an asset with excellent specifications and connections.
‘The Warsaw logistics market is experiencing year-on-year decreases in vacancy rates, with the current rate at 4.8%. When combined with expected constraints on development in the area due to increasing construction costs and legislative pressures, this indicates that the asset is set to experience a favourable supply-demand dynamic in the future.’
JLL, Trebbi Poland, EY and Allen & Overy advised the buyer in the transaction. LaSalle has €61 bn assets under management.