LaSalle Investment Management has managed the acquisition of a large logistics property in south-west Warsaw on behalf of the Encore+ fund. This property has been developed by Panattoni Europe. The purchase price was not disclosed.
Panattoni Park Warsaw West was completed in 2017 and provides over 43,000m2 of rental space, with more than 380 parking spaces and 79 loading docks. The site, which has best in class technical specifications, consists of seven units and offers a flexible layout that is adaptable to the needs of medium to large size occupiers. Current tenants include Rhenus Group and Nunner.
The asset is located in Grodzisk Mazowiecki, a suburb of Warsaw that is 35km from both Warsaw City Center and Chopin Airport Warsaw. It is situated near to the A2 motorway, which is a strategic transport route between Warsaw and Lodz, the two most important cities in Poland for logistics, and links Poland directly to Western Europe through Berlin. Panattoni Park is set to benefit from road infrastructure improvements, with the number of lanes on the A2 motorway soon to increase and improvements to internal connectivity into Warsaw also underway.
David Ironside, Fund Manager of Encore+, LaSalle Investment Management, said: “This is another important acquisition for Encore+ that increases its exposure to logistics in Warsaw, the fastest-growing market in Poland, through an asset with excellent specifications and connections. The Warsaw logistics market is experiencing year-on-year decreases in vacancy rates, with the current rate at 4.8%. When combined with expected constraints on development in the area due to increasing construction costs and legislative pressures, this indicates that the asset is set to experience a favourable supply-demand dynamic in the future.”
