Panattoni Europe, the leader in the industrial property market in Poland announces that it has created a new joint venture (JV) with Pramerica Real Estate Investors to develop a portfolio of up to 100 million of Class A logistics warehouses in Poland, the Czech Republic and Slovakia.
The JV has closed with an initial 32,000 m² preleased seed asset, and is pursuing three additional Polish assets totaling in excess of 45,000 m². The JV will target new developments with a minimum area of approximately 10,000 m², which will be at least 50% pre-let before construction will start. It will invest over a period of 18 months and a minimum of 65% of its total assets will be in Poland.
Pramerica and Panattoni have established the JV to take advantage of continuing demand from occupiers for prime logistics space in Central and Eastern Europe, Poland in particular, as well as growing investor demand for this type of product in the region.
This is Pramerica's second JV with Panattoni in Poland, the two parties having successfully developed 11 buildings together to date, totaling around 241,000 m² of Class A industrial space in the country.
Robert Dobrzycki, Managing Partner for Central Europe, Panattoni said: "We appreciate the trust that Pramerica has shown by cooperating with us once again. The new JV partnership underlines both the success of our past cooperation with Pramerica, as well as Panattoni Europe's reliability as a partner that has been able to continuously grow its operations, regardless of the economic crisis. With Pramerica we plan to develop a large number of new projects, which are mostly build-to-suit investments, but may include a speculative element. We are very excited about the new business opportunities awaiting us."
Commenting on the JV, Max Kreuter, Portfolio Manager, Pramerica Real Estate Investors said: "We are pleased to be able to further develop our successful logistics investment strategy with Panattoni, which is well known for building and leasing high quality logistics space. We believe the creation of this joint venture will allow us to access the growing demand for logistics space in Poland and Central and Eastern Europe."
Source: KONKRET PR