Hines has acquired a major logistics park in a prime strategic location in Poland on behalf of the Hines Pan-European Core Fund (HECF) from GLL Real Estate Partners (GLL), the fund manager which is part of the Macquarie Group, for an undisclosed price. Located in Wroclaw, a well-established European industrial submarket in the southwest of Poland near the German market, the 123,499m² logistics park is fully leased to a global online retailer. The mezzanine warehouse facility was developed in 2015 by Panattoni Europe. The purchase price was not disclosed.
The acquisition is part of HECF’s ongoing strategy to increase exposure to urban logistics assets in key European locations with strong long-term growth prospects. It represents the latest in a string of significant acquisitions this year and closely follows the most recent purchase of a 19,418m² complex at London’s Heathrow Airport.
Peter Epping, Senior Managing Director and HECF Fund Manager at Hines, said: “This investment represents another significant acquisition in the expanding logistics portfolio of our fund. Like most of our logistics assets, it is heavily driven by the ever-growing demand of online shopping as well as the access to skilled labour that the city of Wroclaw provides. With the strong fundamentals of the local logistics market, it fits well into our strategy of targeting supply-constrained locations with attractive long-term growth prospects.”
Wojciech Rumian, Senior Managing Director, Country Head of Hines Poland, said: “The acquisition of this facility is an important addition to the portfolio of logistics assets managed by Hines in Poland. We are planning to grow this line of business in the near future and acquire more assets on behalf of Hines fiduciary capital as well as for third party clients. This transaction with the Hines Pan-European Core Fund is a building block of this strategy.”