Standard Life Investments and Panattoni Europe have announced the sale of the D5 logistics park in the Czech Republic for 36 million Euros to NBGi. Standard Life Investments, one of the largest property investors in Europe, formed a joint venture with Panattoni, one of the world's leading logistical commercial developers, to develop the D5 Pilsen park in 2007 on behalf of the SLI Select Property Fund.
The Panattoni D5 Logistics Park is located close to the city of Stříbro, and provides 62,000 sqm of modern logistics and industrial space. Major occupiers include Lear Corporation, Leoni Neumatic and ASSA Abloy. The park was sold to NBGi Private Equity Fund in a deal brokered by real estate consultants, Jones Lang LaSalle.
Commenting on the sale, Andrew Jackson, Fund Manager of the Standard Life Investments Select Property Fund said: "This asset is an excellent example of the rigorous investment process we apply at Standard Life Investments. This starts with our research team who highlighted the attractiveness of the Central European logistical market in 2006, given the benign outlook for economic growth and surging demand for logistical space spurred by huge infrastructure projects."
Pavel Sovička, Managing Director of Panattoni Czech Republic added: "We have cooperated with NBGi Private Equity in Poland and are delighted to have extended this relationship into the Czech Republic."
James Huckle, Real Estate Investment Director at NBGi Private Equity also commented: "The Panattoni D5 Logistics Park in Stříbro is our first acquisition in the Czech Republic. We have been very active in the Polish market during the last two years and we felt it was now the right time to enter the Czech Republic. We feel that the Panattoni D5 Logistics Park in Stříbro is an excellent investment opportunity."
Dušan Šťastník from the Capital Markets team at Jones Lang LaSalle Prague said: "Investment volumes in 2011 have so far reached 1.8 billion EUR in the Czech Republic, including 471 million EUR for logistics and industrial (including the Panattoni D5 Logistics Park Stříbro) which is 25% of the total investment volume in 2011."
Sara Reed, Press Manager, Standard Life Investments, +44 (0)131 245 2750
Yvonne Soulsby, Press Manager, Standard Life Investments, +44 (0)131 245 3610
Anita Pietrykowska, PR Manager, Panattoni Europe, +48 22 540 7302