Invesco invests EUR 37m in Polish facility for Tesco

Invesco Real Estate, the global property investment management firm, has invested about EUR 37 mln in the development of a 57,000m² logistics property in Gliwice, Poland. The property will be used as a central hub by retailer, Tesco Polska, and the development will be carried out by real estate developer, Panattoni Europe.

The project is due for completion in October 2010.

The investment has been made on behalf of the iii-BVK Europa-Immobilien-Spezialfonds, an institutional real estate fund of Bayerische Versorgungskammer (BVK), which Invesco Real Estate has managed since 2000.

The property provides high-quality logistics space, built and outfitted to Tesco's specifications, with different temperature sectors and an office component. It is let to Tesco on a long-term lease.

Invesco Real Estate and Panattoni Europe have an existing relationship with construction projects for logistics properties in Europe. The most recent projects include a EUR 10.5 mln, 20,000 m2, extension to a logistics warehouse in Orléans, France, also owned by BVK, and a EUR 17.7 mln, 30,000 m2, extension project with sustainable specifications, for a logistics property near Poznan in Poland. The facility is used as a major distribution hub by retailer H&M.