Standard Life Investments (SLI), a leading property fund manager in Europe, has announced the completion of its first direct investment in the Polish property market through a joint venture with Panattoni Development Company (PDC).
Standard Life Investments (SLI), a leading property fund manager in Europe, has announced the completion of its first direct investment in the Polish property market through a joint venture with Panattoni Development Company (PDC).
SLI's Select Property Fund and PDC will develop a 50,000m2 distribution warehouse facility in Lodz, Poland's second city. PDC and SLI will also develop together a second warehouse in Plzen, 90 km west of Prague, Czech Republic. The first development phases will consist of a 28,000 m2 space and is due for completion in the second quarter of 2007. An additional 33,000m2 is planned for construction.
'We believe Central European logistical property offers exciting prospects for the future', said the fund's manager Andrew Jackson. Earlier this month, SLI announced its Select Property Fund had broken the £1bn barrier in less than 15 months since its launch on October 13, 2005, making it the fastest growing mutual fund in the UK during the first 11 months of 2006.
Sacramento-headquartered PDC, with 26 offices throughout the US, Canada and Europe, is one of the largest developers in North America. The company entered continental Europe and the UK through its affiliate, PDC Europe.
