US-based logistics property company Panattoni has confirmed the sale of a 28,000 m[sup]2[/sup] logistics project in Myslowice, Southern Poland to Credit Suisse. A Panattoni spokesperson told PropertyEU that the development was held in the Select Property Fund, a vehicle managed by Standard Life Investments which partnered with Panattoni in the development of a number of projects in Central and Eastern Europe. The companies agreed not to disclose the purchase price.
US-based logistics property company Panattoni has confirmed the sale of a 28,000 m2 logistics project in Myslowice, Southern Poland to Credit Suisse. A Panattoni spokesperson told PropertyEU that the development was held in the Select Property Fund, a vehicle managed by Standard Life Investments which partnered with Panattoni in the development of a number of projects in Central and Eastern Europe. The companies agreed not to disclose the purchase price.
The project, part of the Panattoni Park Myslowice, was developed by Panattoni and Standard Life Investments in 2009 and leased in its entirety to food and home products retailer Intermarché in March last year. The development includes 19,000 m2 of warehouse space, 7,700 m2 of cold storage space and 800 m2 of office space.
The facility is part of Panattoni Park Mys³owice, a distribution complex comprising five buildings with 125,000 m2 of warehouse space. The park is currently 97% leased to a number of tenants including ND Logistics, CAT Group, Coca-Cola, DPD, Inter Cars, Manuli Hydraulics, Magneti Marelli, and Rohlig. After completion of the last phase, Panattoni Park Mys³owice will be one of the biggest logistics parks in Poland with 190,500 m2 of total space.
Since 2007, European fund manager Standard Life Investments has realised a number of logistics projects in partnership with Panattoni. In addition to the Myslowice park, the companies have realised a 32,000 m2 majority pre-let logistics building in Poznan, a 50,000 m2 distribution warehouse facility located in Lodz, and a development in Plzen, Czech Republic.
Launched in October 2005, the Select Property Fund currently has around £640 mln (EUR 716.4 mln) in assets under management.
Panattoni Europe is part of the Panattoni Development Company, a leading industrial developer with 40 offices in North America and Europe. Panattoni Europe has been present in Poland since 2005 and during that time has developed 36 projects. To date, the developer has delivered around one million m2 of industrial space in Poland and the Czech Republic.