Invesco Real Estate, the international property investment manager, is pleased to announce that it has invested ca. 37 million on the development of an approx. 57,000-m² logistics property in Gliwice, Poland.
The property was developed by Panattoni Europe and is fully let on a long-term lease to Tesco Poland, which is using the property as a primary distribution center for all Tesco stores across southern Poland.
The investment has been made on behalf of the iii-BVK Europa-Immobilien-Spezialfonds, an institutional real estate fund of Bayerische Versorgungskammer (BVK), which Invesco Real Estate has managed since 2000.
The property provides high-quality logistics space, built and outfitted to Tesco's specifications, with different temperature sectors and an office component. It benefits from being in a prime location, adjacent to the junctions of the A1 and A4 freeways in Gliwice, a town within central Silesia - one of the most populated regions of Poland, a key logistics market and an important economic region outside of Warsaw.
Bettina Knirsch, Invesco Real Estate's Director of Fund Management says: "Our local transactions team's expertise in the CEE markets was integral to securing this excellent off-market development project. This forward funded prime logistics property not only complements the existing assets within our client's mandate but adds further diversification to their overall portfolio with an asset that is long-let to a good covenant tenant, providing a stable and attractive income stream.
"We expect the asset to perform well during its hold period due to our expectations of a very strong economic outlook for the Polish market, according to our spring 2011 European Market Outlook."
Invesco Real Estate and Panattoni Europe have an existing relationship with construction projects for logistics properties in Europe. The most recent projects include a ca. 20,000-m² extension to an existing logistics warehouse in Orléans, France, also owned by BVK, and a ca. 30,000-m² extension project, with sustainable specifications, for a logistics property near Poznan, Poland, which is used as a major distribution hub by retailer H&M.
Source: Invesco Real Estate