PGIM Real Estate has acquired a logistics development in Poland on behalf of its second European value-add fund.

The manager has invested an undisclosed amount to buy the property in Legnica, for the European Value Partners II fund which raised $1.1bn (€950m) at its final close in September last year.

PGIM Real Estate said the 210,365sqm site is located on a former military airport and the plan is to develop it into a grade-A big-box logistics property.

Dominik Brambring, Head of Germany, Austria, Netherlands at PGIM Real Estate, said: “The newly acquired site perfectly aligns with two important trends we are observing in the market.

”First, logistics has evolved into a borderless infrastructure, a dense network of vertically integrated logistics facilities in all major countries. Second, manufacturers are moving closer to consumers (’nearshoring’), driven by the goal of shorter supply chains and delivery times, in part due to the bottlenecks we experienced during the COVID-19 pandemic.”

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