Panattoni Europe and Pramerica announced the sale of a multi-let logistics portfolio located in the suburbs of Warsaw, to RREEF Real Estate, the real estate investment management business of Deutsche Bank's Asset and Wealth Management division. Pramerica Real Estate Investors is the European arm of the U.S.-based Prudential Financial, Inc.'s real estate investment management and advisory business.
The subject of the sale transaction is a property portfolio accounting for €54m and totaling over 80,000 sqm of warehouse space within Panattoni Park Ożarów and Panattoni Park Pruszków, located in the Warsaw region. The space is fully leased by a strong tenant base of 12 firms, the majority being large pharmaceutical companies. The buildings were completed between 2008-2010. Panattoni will continue to property and asset manage the portfolio.
Robert Dobrzycki, managing Partner for Central & Eastern Europe at Panattoni Europe said: " This is our first transaction with RREEF Real Estate. We are extremely happy that due to such factors as low market vacancy, attractive yield and demand fundamentals of the Polish market, core buyers like RREEF are back on the industrial market purchasing great quality industrial assets."
M ax Kreuter, portfolio manager, Pramerica Real Estate Investors said: " We are very happy with what we achieved. Panattoni has been a great partner and we are very pleased with the product we built over the years, successfully leased and now sold."
About Pramerica Real Estate Investors
Pramerica Real Estate Investors is a leader in the global real estate investment management business, offering a broad range of investment vehicles that invest in private and public market opportunities in the United States, Europe, the Middle East, Asia, Australia and Latin America. Headquartered in Madison, N.J., the company also has offices in Atlanta, Chicago, Miami, New York, San Francisco, Lisbon, London, Luxembourg, Madrid, Munich, Paris, Abu Dhabi, Istanbul, Mexico City, Rio de Janeiro, Sao Paulo, Beijing, Hong Kong, Seoul, Singapore, and Tokyo. In addition, the company has representatives in Milan and is establishing a presence in Sydney, pending regulatory approval. Pramerica Real Estate Investors has gross assets under management of USD $50.1 billion and net asset value of $33.8 billion, as of June 30, 2012. For more information, visit http://www.pramericarei.com.