In a joint venture with Panattoni Development Company (PDC), Standard Life Investments' Select Property Fund is developing a 50,000 m² distribution warehouse facility located in Lodz, Poland. With construction starting in early February, the project is expected to be completed in September 2007.
In another joint venture with PDC, the Select Property Fund is developing a second distribution warehouse facility in Plzen, Czech Republic. Situated on the main highway between Prague and Bavaria, Phase I of the development will consist of 28,000 m² and is due for completion early in Q2 of this year. There is strong indicative interest for further capacity and an additional 33,000 m² is planned.
Andrew Jackson, Manager of the Select Property Fund, Standard Life Investments, said: "Standard Life Investments is delighted to be working with a first class international property developer of Panattoni's calibre. I'm confident that these two excellent opportunities in Central Europe represent the start of a very fruitful period of collaboration between ourselves and Panattoni.We believe Central European logistical property offers exciting prospects for the future. These markets are ideally placed for two main reasons - they provide logistical operators with an axis to transport goods from manufacturing bases in Central and Eastern Europe to Western Europe, and serve as a distribution platform for goods traded between Northern and Southern Europe."
Source: Standard Life Investments