P3, the logistics arm of private equity firm TPG and Canadian investor Ivanhoé Cambridge, has agreed to buy two logistics parks in Poland and one in Romania with a combined total of 467,000 m2 of lettable space, from Austrian listed property firm CA Immobilien Anlagen.
P3, the logistics arm of private equity firm TPG and Canadian investor Ivanhoé Cambridge, has agreed to buy two logistics parks in Poland and one in Romania with a combined total of 467,000 m2 of lettable space, from Austrian listed property firm CA Immobilien Anlagen.
The purchase, which is still subject to contractual terms and regulatory approvals, also includes almost 165 hectares of land for development, principally in Poland and Romania.
Financial details were kept confidential. However, CA Immo said the deal will release equity of around €110 mln for the group. 'The transaction enhances CA Immo’s strategic portfolio focus on core-office assets and increases the operational efficiency of our investment platform,' commented CEO Bruno Ettenauer.
The assets are currently held in a joint venture between CA Immo and the European Bank for Reconstruction and Development (EBRD). The transaction is expected to be closed around year-end 2014.
'This portfolio of high-quality properties in great locations strengthens our position as one of the top logistics property owners in Europe,' said Ian Worboys, P3’s Chief Executive. 'This transaction follows P3's recent acquisitions in Italy and the Czech Republic and is in line with our overall strategy for growing our business since the acquisition of P3 by TPG and Ivanhoé Cambridge in October last year.'
P3 now operates more than 2.9 million m2 of modern logistics and distribution facilities in Europe.
In Poland, the 177,000 m2 park at Blonie is situated 30 kilometres west of Warsaw city centre. Tenants include Bayer, IBM, Orange, Triumph and online retailer Allegro. This park offers 17 hectares of development land.
The second park lies near Piotrkow, South East of Lodz in central Poland. It provides 75,000 m2 of space and direct road links to Warsaw, Wroclaw and Katowice. The park is on a 120-hectare plot, offering scope for development. Kühne & Nagel, FM Logistic and InPost are among the park’s largest tenants.
The Bucharest Park is the largest of the three standing assets acquired by P3, consisting of 215,000 m2 of almost fully occupied space and 40 hectare of land for development.
Colliers International,and Allen & Overy, solicitors, acted as advisors to the vendor. 'This portfolio transaction is more evidence of investor interest continuing to move out across CEE,' said Neil Gregory-Eaves, director at Colliers International, who worked for CA Immo together with his colleague Robert Miklo. 'A number of transactions in Bucharest are in due diligence and we expect the best year in Romania in terms of investment volumes since 2007,' added Miklo.