US investor Hines has acquired its fifth logistics asset from Prologis European Holdings. Hines Global REIT purchased the two-building logistics facility in Sosnowiec, a town in the Upper Silesia area of Poland, for $25.8 mln (EUR 20 mln).
US investor Hines has acquired its fifth logistics asset from Prologis European Holdings. Hines Global REIT purchased the two-building logistics facility in Sosnowiec, a town in the Upper Silesia area of Poland, for $25.8 mln (EUR 20 mln).
The modern 47,000 m2 property has been re-branded as Distribution Park Sosnowiec and will be managed by Hines Poland.
Sosnowiec is located in a region bordering the Czech Republic and Slovakia.
'Poland has become a key location for the distribution of western goods into the expanding economies of Eastern Europe. Distribution Park Sosnowiec is a quality asset with strong tenants that complements the existing Polish distribution assets already in our portfolio,' said Charles Hazen, president and CEO of Hines Global REIT. 'We are bullish on Poland because it has growth characteristics similar to many emerging markets, yet benefits from European Union integration.'
Earlier this year, Hines Global REIT acquired two facilities in Warsaw, one in Wroclaw and one in Upper Silesia from Prologis.
Hines Global REIT is a public, non-traded real estate investment trust sponsored by Hines that owns interests in 25 commercial real estate investments located in the US and internationally.
Hines has offices in 110 cities in 18 countries, and controlled assets valued at $22.9 bn at end-2011.
Jones Lang LaSalle represented Prologis in this transaction.
Prologis is the market leader in logistics and distribution facilities in Poland, offering more than 1.9 million m2 of space across 22 distribution parks as of end-June 2012.
