Panattoni Europe, the leading industrial real estate developer in Poland, reported selling three projects to Standard Life Investments. The transaction concerns 87 000 m² and is worth EUR 56 million.
Panattoni Europe sold three projects to Standard Life Investments fund. Two parks are located in close vicinity to Warsaw - Panattoni Park Teresin, lies in the third zone of the Warsaw market and Panattoni Park Garwolin, 60km to the south-east of Warsaw, directly next to the ring-road of Garwolin. The third project is Panattoni Park Robakowo, located in Greater Poland, only 16km from the center of Poznan. Assets totaling 87,000 m² of industrial space were sold for EUR 56m.
Robert Dobrzycki, the Managing Partner of Panattoni Europe for Central and Eastern Europe commented: "The sale of following Panattoni Europe facilities to yet another investment fund, Standard Life Investments, is evidence of a strong strategic portfolio set up by us in Poland. This is also our contribution in increasing the attractiveness of the Polish real estate market, which is becoming more and more appealing to foreign investment funds."
Panattoni Europe and Standard Life Investment's cooperation reaches beyond the sale transaction. The Select Property Fund, one of the funding bodies within the UK asset manager's structure, has acted as the financial partner in the years 2007/2008, when the aforementioned projects were carried out.
What is more, earlier this year Panattoni Europe and Standard Life Investments have successfully sold five schemes located in Lodz, Pruszkow and Poznan to European Property Investors Special Opportunities, L.P. (EPISO), a fund co-advised by AEW Europe and Tristan Capital Partners, for €91 million.
About Standard Life Investments
With 9.6bn euros of property assets Standard Life Investments is one of the largest property investors in Europe. Standard Life Investments manages more than 1.5bn euros of property in France, Spain, Germany, Belgium, Italy, Portugal, Sweden, Poland, Hungary and the Czech Republic, and has been active in Continental Europe since the early 1990s. Standard Life Investments has been a leading participant in the Polish logistics market over the last 3 years, creating a portfolio of 550,000 m² of prime logistics space in strategic locations across Poland. The Select Property Fund, the first of its kind in the marketplace, offers both institutional and retail investors in the UK access to global property markets. The 730m euros fund accesses commercial property markets via direct investment, unquoted specialist property products and stock exchange listed property vehicles globally.