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.”