UK-based REIT Segro has acquired Zeran Park II in Warsaw from a joint venture of Area Property Partners and Apollo-Rida.
UK-based REIT Segro has acquired Zeran Park II in Warsaw from a joint venture of Area Property Partners and Apollo-Rida.
The purchase price of €43 mln represents a net initial yield of 7.5%.
Zeran Park II, developed by Area and Apollo-Rida between 2005 and 2011, comprises six modern light industrial warehouses and a small office totalling 49,900 m2 of lettable space, located around 10 km from Warsaw city centre.
The property is multi-let to several companies such as Leroy Merlin, Peak & Cloppenburg, Rothenberger, UCB Pharma and Farutex, amongst others.
'The sale of Zeran Park II completes another profitable investment for Area in Poland,' said John Ruane of Area Property Partners. 'We have been active in Poland since 1997 and it remains a core market in our strategy going forward.'
US-based Area has been investing in Europe since 1995 with the investments being sourced and managed through offices in London, Paris and Madrid.
