NBGI enters Poland with logistics buy of Panattoni Park Garwolin
NBGI Private Equity's real estate fund has acquired Panattoni Park Garwolin from Standard Life Investments’ Select Property Fund.
Life Investments’ Select Property Fund has sold Panattoni Park Garwolin, a
25,940 sqm logistics property located in Garwolin, Poland, to NBGI Private
Equity. The deal is NBGI's first in the Polish market.
Developed by Standard Life Investments and completed in September 2008, the park is 100%-leased to global cosmetics giant Avon on a long-term basis. The Class A warehouse is situated on a 10 hectare site close to Avon's major production facility in Garwolin, Poland, about 60 km from Warsaw.
Commenting on the sale, Andrew Jackson, Investment Director, Standard Life Investments, said: 'Panattoni Park has been a very successful development for our Select Property Fund. The sale forms part of our strategy to recycle stabilised assets to enable Standard Life Investments to develop other commercial property in the European market for the benefit of the Fund.'
James Huckle, Investment Director at NBGI said: 'Panattoni Park Garwolin fits our investment strategy of buying Class A logistics assets with long-term leases to first-class tenants. Poland's rapidly growing economy is very compelling and we are pleased to make our first investment here. We expect to make further acquisitions in Poland and CEE in line with this strategy.'
NBGI is carrying out the investment from its €80mn Private Equity Real Estate fund which invests in property-backed assets in Central & Eastern Europe. The Fund focuses on development projects and existing assets including office, logistics and warehousing, industrial and retail.
Neil Gregory-Eaves of Colliers International who represented Standard Life Investments in the sale, said: 'NBGI PE has acquired a core logistics property with the added benefit of expansion possibilities. Liquidity in the logistics investment market in Poland is growing with buyers and lenders returning in numbers which bodes well for the market going forward.'
- James Huckle +44 (0)20 7661 5698
- Alex Tilson +44 (0)20 7634 1947