Invesco Real Estate and its joint venture partner Panattoni have sold a Grade A logistics park in Gdansk, Poland, on behalf of its strategic opportunities investment programme. The asset was sold to EQT Exeter.
Financial details were not disclosed.
Panattoni Park Gdansk Airport has a total lease area of 110,000 m2 and sits directly adjacent to Gdansk’s Lech Walesa Airport. It includes a big box warehouse and four last-mile and cross-dock buildings, making it one of the largest logistics parks in the region.
The location benefits from a mix of global freight and transportations nodes. Tri-city is a metropolitan area in the north of Poland, comprising Gdansk and two nearby cities Gdynia and Sopot.
Petr Sramek, director, transactions at Invesco Real Estate, said: 'The Polish market continues to experience strong demand for prime logistics properties.
'This major transaction is a testament to the long-term strength of Poland’s real estate market, with international, core investors willing to make new acquisitions in the region despite the conflict in Ukraine and the uncertainty it has created.
'We have seen exceptional demand from tenants for this facility in Gdansk and have been able to successfully realise our investment together with our partner Panattoni in a reduced timeframe due to the Polish logistics sector’s highly attractive fundamentals.'
Invesco Real Estate and Panattoni acquired the plot in 2020 and substantially developed it to the highest technical and sustainability standards. Four of the five newly constructed buildings qualify as BREEAM Very Good while the fifth warehouse has a BREEAM Good label.
Robert Dobrzycki, CEO and co-owner of Panattoni Europe and India, added: 'The Polish logistics market is the largest and one of the most mature in Central Europe and the low vacancy rate at this newly completed park in Gdansk illustrates just how strong demand is for prime logistics assets.
'We will continue to scour the market in our home country for new development opportunities as we accelerate our expansion across Central and Western European markets.'
Over the past two years, the park has seen extensive demand from tenants, allowing Invesco Real Estate and Panattoni to lease and sell the final core product within just two years and despite the Covid-19 pandemic. The now completed facility is currently 93% leased, underscoring the strength of the location and attractiveness of the facility.
The completed sale was advised by CBRE, Greenberg Traurig and PwC.
