Panattoni Europe and Standard Life Investments have announced the sale of five projects in Poland, totalling 170,000 m² of industrial space, to European Property Investors Special Opportunities, L.P. (EPISO), a fund co-advised by AEW Europe and Tristan Capital Partners. The transaction value is €91 million.
Panattoni Europe and Standard Life Investments, have successfully sold five schemes located in Lodz, Pruszkow and Poznan - all warehouse facilities fully let to a tenant mix of 18 logistics, light production & FMCG companies. The projects were developed in 2007-2008 and have become a valuable asset for AEW Europe/Tristan Fund due to their core location, institutional quality and commercial success. The assets were sold for €91 million.
Robert Dobrzycki, Managing Partner for Central Europe at Panattoni Europe comments: " The Polish real estate market is recently becoming an ever more interesting place for foreign international real estate investment funds. Together with Standard Life Investments we have delivered a stable portfolio of strategically located schemes despite the recent tough times. We believe in the strength of our investments and are pleased that the EPISO fund has acknowledged their value. We are also proud that AEW Europe/Tristan have selected Panattoni Europe as their property and asset manager based on our quality of service and reputation in the Polish logistics market."
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.