Logicor, Blackstone’s European logistics platform, has acquired a 200,000 m2 portfolio in Poland from Standard Life Investments' Select Property Fund for just over €118 mln.
Logicor, Blackstone’s European logistics platform, has acquired a 200,000 m2 portfolio in Poland from Standard Life Investments' Select Property Fund for just over €118 mln.
The portfolio, which was developed by Standard Life Investments and its development partner PDC in 2007/08, consists of seven prime logistics assets providing over 200,000 m2 of warehouse and office space and a development plot of 70,000 m2 located within three parks – Mysowice (Upper Silesia), Stryków (Central Poland) and Robakowo (Poznañ).
Logicor CEO Mo Barzegar said Logicor continues to grow strongly and that this acquisition would enable the firm to expand and deepen its customer relationships across the region.
Standard Life said it will invest the proceeds from the sale in growth-orientated assets in other markets where the economic recovery is increasing occupier demand and rents. 'This sale reflects the fund’s forward momentum. 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,' said Andrew Jackson, fund manager of Standard Life Investments Select Property Fund.
Cushman & Wakefield represented Standard Life Investments.
The acquisition is the latest by Logicor in Europe and reflects the company's aggressive growth strategy on the Continent. Earlier this year the company bought 17 logistics platforms, representing a total surface area of nearly 750,000 m2 in France and Germany, from French REIT Foncière des Régions. The price tag came to €473 mln.
In Poland, the company already invested €240 mln last year when it made a splash with the purchase of two portfolios totalling 402,000 m2 from joint venture partners Panattoni Europe and Pramerica Real Estate Investors.
