Tristan fund snaps up Polish logistics portfolio for €86m

The EPISO 4 opportunity fund advised by Tristan Capital Partners, and White Star Real Estate have acquired a portfolio of five warehouses in Poland from an affiliate of Oz Real Estate for €86 mln.

'Despite substantial development of new logistics warehouses in Poland in recent years, demand continues to outstrip supply resulting in a sharp fall in vacancy rates and a slow increase in net effective rents,' said Kristian Smyth, director at Tristan Capital Partners.

'We expect these robust market fundamentals to continue on the back of buoyant Polish economic growth, and we are focused on expanding our Polish logistics footprint,' Smyth added.

The five warehouses range from 16,000 m2 to 40,000 m2, covering 161,689 m2 of gross lettable area in total and are currently just over 90% let. According to Tristan, the assets are categorised as 'urban logistics' reflecting their short driving distance to major cities. This means they offer an attractive balance for occupiers looking for lower rents relative to 'last mile' warehouses.

Tristan’s operating and equity partner for the logistics portfolio is White Star Real Estate, which has an extensive track record in CEE markets. The EPISO 4 fund’s advisors on the transactions included Dentons, JLL, Arcadis and E&Y.

Financing was provided by pbb Deutsche Pfandbriefbank as agent and lender.


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