Hines, the international real estate firm, announced today that Hines Global REIT has acquired a two-building logistics facility in Sosnowiec, a town in the Upper Silesia area, Poland, a region bordering the Czech Republic and Slovakia, for US $25.8 million (approx. 19.7 million). Hines Poland will manage the property on behalf of Hines Global REIT.
This is the fifth Polish logistics park asset for Hines Global REIT.
"Poland has become a key location for the distribution of western goods into the expanding economies of Eastern Europe. Distribution Park Sosnowiec is a quality asset with strong tenants that complements the existing Polish distribution assets already in our portfolio," said Charles Hazen, president and CEO of Hines Global REIT. "We are bullish on Poland because it has growth characteristics similar to many emerging markets, yet benefits from European Union integration."
This is the fifth Polish logistics park asset that Hines Global REIT has purchased from Prologis European Holdings. Earlier this year, it acquired two facilities in Warsaw, one in Wroclaw and one in Upper Silesia. Following Hines' global branding strategy for industrial properties, the firm has renamed the facility 'Distribution Park Sosnowiec'.
The modern buildings in Distribution Park Sosnowiec were constructed in 2005 and contain a total of 506,980 ft² (approx. 47,098 m²). The park benefits from good road transport links to Krakow and Wroclaw via the E40, and to Warsaw via the E75. Katowice airport, which is only 30 kilometers north of the park, offers good connections to most major European cities. The buildings are fully leased to five tenants with none leasing more than 40% of the rentable area.
Mieczyslaw Godzisz, senior managing director of Hines in Poland said, "We are pleased that Hines Global REIT recognizes Poland as a strong and growing market. The logistics sector and this portfolio were particularly appealing given the growing purchasing power of Polish consumers, and the strategic locations of the assets."