LaSalle Investment Management’s core pan-European property fund Encore+ has acquired a 43,000sqm logistics property in south-west Warsaw, increasing the fund’s exposure in the Polish capital.
LaSalle said it has acquired Panattoni Park Warsaw West asset for an undisclosed sum.
The asset, developed by Panattoni Europe in 2017, is located in Grodzisk Mazowiecki, a suburb of Warsaw that is 35km from both Warsaw city centre and Chopin Airport Warsaw.
David Ironside the Encore+ fund’s manager said this acquisition increases the fund’s exposure to logistics in Warsaw, the ”fastest-growing market in Poland, through an asset with excellent specifications and connections”.
The investment strategy for Encore+ focuses on improving assets and creating growth by seeking opportunities to actively manage assets to deliver superior income returns.
“The Warsaw logistics market is experiencing year-on-year decreases in vacancy rates, with the current rate at 4.8%, Ironside said.
“When combined with expected constraints on development in the area due to increasing construction costs and legislative pressures, this indicates that the asset is set to experience a favourable supply-demand dynamic in the future.”
