WP Carey has acquired an 83,000m2 logistics and e-commerce centre in one of the largest single-asset industrial property investment transactions in Poland since the start of the global financial crisis.
WP Carey has acquired an 83,000m2 logistics and e-commerce centre in one of the largest single-asset industrial property investment transactions in Poland since the start of the global financial crisis.
CPA 17 - Global, one of WP Carey's publicly held non-traded REITs, is purchasing retailer Hennes & Mauritz's logistics centre in Poznan from a fund managed by Invesco Real Estate. The total acquisition cost is €64 mln.
Colliers International and law firm Norton Rose Fulbright represented Invesco Real Estate. Law firms Reed Smith and Dentons together with property advisor Victorios represented the purchaser.
'The sale of the H&M distribution facility represents the largest single asset logistics deal in terms of transaction volume and leasable area post crisis and the second largest such transaction ever in Poland,' said Neil Gregory-Eaves, International Director at Colliers International, who led the sale process for Invesco Real Estate. 'The transaction reflects strong liquidity for long-term let, core properties across Europe at present.'
The facility is H&M’s European distribution centre for Eastern Europe, as well as its primary e-commerce and online-retail logistics hub for Europe. Clothes purchased online on the Continent come from the Poznan centre.
H&M is the world’s second largest clothing retailer, with €14 bn in annual revenue. It operates in 48 countries, employing 94,000 people.
Jeffrey Lefleur, managing director of WP Carey, said: 'The acquisition marks our fourth European transaction this year overall, bringing total year-to-date investment in Europe to approximately €166 mln. We were attracted to the long-term income provided by the lease, the strong guarantee of H&M and the high quality of the property.'
'We are pleased with the sale of the H&M Distribution Centre,' commented Tomas Picha, director of transactions in CEE from Invesco Real Estate. 'Our closing of this transaction confirms the high level of institutional interest in Polish assets with long term leases to strong tenants.'
Celebrating its 40th anniversary, WP Carey is a New York-listed REIT that provides long-term sale-leaseback and build-to-suit financing for companies worldwide. It owns and manages a global investment portfolio totalling $15.2 bn. The company has been active in Europe since 1998 and has assets under management of $3.6 bn (€2.7 bn).
