Privately owned global real estate investment firm Hines has acquired a major logistics park in Poland on behalf of the Hines Pan-European Core Fund (HECF) from GLL Real Estate Partners (GLL).
Financial details were not disclosed.
Located in Wroclaw in the southwest of Poland near the German market, the 123,499 m2 logistics park is fully leased to a global online retailer. The mezzanine warehouse facility was developed in 2015 by Panattoni Europe.
Peter Epping, senior managing director and HECF fund manager at Hines, said: 'This investment represents another significant acquisition in the expanding logistics portfolio of our fund. Like most of our logistics assets it is heavily driven by the ever-growing demand of online shopping as well as the access to skilled labour that the city of Wroclaw provides.
'With the strong fundamentals of the local logistics market it fits well into our strategy of targeting supply-constrained locations with attractive long-term growth prospects.'
The acquisition is part of HECF’s ongoing strategy to increase exposure to urban logistics assets in Europe, and follows the most recent purchase of a 19,418 m2 complex at London’s Heathrow Airport.
Wojciech Rumian, senior managing director, country head of Hines Poland, said: 'The acquisition of this facility is an important addition to the portfolio of logistics assets managed by Hines in Poland.
'We are planning to grow this line of business in the near future and acquire more assets on behalf of Hines fiduciary capital as well as for third party clients. This transaction with the Hines Pan-European Core Fund is a building block of this strategy.'
Hines was advised by Greenberg Traurig, EY and CMT, while GLL was advised by CBRE, Dentons, PwC, and Sentient.
