Panattoni has sold Savills IM distribution center near Wrocław
Panattoni, market leader in industrial real estate in Europe, has sold Savills Investment Management a warehouse facility near Wrocław. The park with an area of 46,000 sqm was sold for around EUR 33 million. This is the third distribution center in Poland bought from Panattoni by Savills.
The A-class distribution centre near Wroclaw, built by Panattoni in 2019, was acquired by Savills Investment Management (Savills IM), the international real estate investment manager, for its pan-European Savills IM European Logistics Fund 3 (ELF 3). The property totalling 46,000 sqm is fully leased by domestic and international companies from the logistics, food and chemical sectors. The investment is located in Nowa Wieś Wrocławska, within a major logistics hub and next to A4 / A8 highway interchange, the S8 expressway and the national road No. 5.
“Logistics and production projects are today a sought-after and attractive investment product - comments Robert Dobrzycki, CEO Panattoni. - In the first three quarters of 2019, transactions in the warehouse sector in Poland were finalized in the amount of approx. EUR 620 million. Interest in these facilities is growing, because the Central and Eastern European market, including Poland, is assessed as safe, while ensuring higher rates of return on investment. Hence, not only Western European funds but also South Africa and Asia are looking for investment opportunities here”.
Piotr Trzciński, Director, Head of Transactions – Poland, Savills IM, said: “Owing to its’ favourable location near the border with Germany and the Czech Republic, very good road connections with major Polish cities and an absorptive local market, Wrocław is developing rapidly and aspires to become one of the largest warehouse markets in the country. Outstanding location of the park, the proximity of an important industrial cluster and a diverse profile of tenants influenced our decision to debut in Wrocław. The investment presents a very good fit to the strategy of the ELF3 fund, which assumes investing in modern warehouse facilities with the potential to increase their value, located on the key markets in Europe, close to major transport corridors”.
The Wrocław warehouse is the third facility acquired by Savills from Panattoni. Its portfolio already includes two other, modern BTS (build-to-suit) facilities purchased by Savills IM on behalf of an Asian investor. The first one was the Amazon Gliwice logistics center, established in 2019. The facility with a record area of over 200,000 sqm was built by Panattoni according to the guidelines provided by Amazon, the world leader in e-commerce. The second transaction of this type was the H&M Bolesławiec distribution center with an area of 75,000 sqm.
In Poland, Savills IM currently manages logistics assets with a total area of over 720,000 sqm and a total value of EUR 500 million.