Standard Life Investments has a sold a Polish logistics portfolio to Blackstone’s Logicor for €118.2m.
The Select Property Fund sold the portfolio in a deal which highlights the contrasting views of buyer and seller. Standard Life sold the portfolio as it looks to focus more on the office and retail sectors. The fund is targeting main European cities and Tokyo, where it sees improving growth over the next few years and increasing occupier demand and rents.
Logicor, meanwhile, sees potential in Poland and central and eastern Europe. Its chief executive, Mo Barzegar said the purchase of the seven asset portfolio allows Logicor to expand and deepen across the region.
The 200,000 sq m portfolio, which was developed by Standard Life Investments and partner, PDC in 2007/08, includes warehouse and office space and a 70,000 sq m development plot. Mysłowice (Upper Silesia), Stryków (central Poland) and Robakowo (Poznań).
Standard Life said that the portfolio provided high-yield, defensive characteristics during the financial crisis.
Select Property Fund manager, Andrew Jackson said: “We’re exiting a period of relative caution and this disposal will help us meet our current objective to refocus on assets that will benefit from the economic recovery we are now seeing in a number of markets internationally.”
Jackson said the fund is a ”committed investor in Poland” and will continue to look for new opportunities in line with its overall strategy.