Industrial real estate developer Panattoni has sold a portfolio of five logistics parks in Poland for €160m.
Panattoni said the portfolio, comprising three assets in Warsaw, an asset in Poznan East and another asset located near the city of Radom in central Poland, was sold to an unnamed North American real estate investment manager.
Robert Dobrzycki, Panattoni Europe’s CEO and co-owner said although the economic outlook is not so shiny anymore, industrial is still one of the real estate asset classes continuing to attract strong interest from investors.
“The recent sharp rise in construction costs and the inflation indexation of rents make standing income-producing properties a very attractive proposition for investors because they can invest in fully-let real estate at below replacement cost.”
Dobrzycki said Panattoni remains very confident in the long-term prospects for Poland’s industrial and logistics real estate market.
“There are many reasons to be upbeat including the continuing strong trend towards ‘nearshoring’ following the disruptions to global supply chains, the low penetration of e-commerce relative to Western European markets and the ongoing appetite of international companies to set up manufacturing facilities here due to Poland’s low-cost, skilled labour force and large domestic market,” said Dobrzycki.
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