Panattoni has completed the €160m sale of a portfolio of five fully-let logistics parks in Poland covering a total of 230,000m² GLA, to a North American real estate investment manager buyer. Three of the logistics parks are located in Warsaw; one close to the city’s airport and two in the west of the Polish capital. A fourth is situated in Poznan East, strategically located between Warsaw and Berlin on the A2 highway, and another near the city of Radom in central Poland, 100 kms to the south of Warsaw.
Robert Dobrzycki, Panattoni CEO & Co-Owner Europe, said: “Panattoni has successfully completed the sale of these five fully-let logistics parks in Poland to a major global real estate investment manager after their development completion on schedule and to budget. Although the economic outlook is not so shiny anymore, industrial is still one of the real estate asset classes continuing to attract strong interest from investors. The recent sharp rise in construction costs and the inflation indexation of rents make standing income-producing properties a very attractive proposition for investors, because they can invest in fully-let real estate at below replacement cost.”
Panattoni remains very confident on the long-term prospects for Poland’s industrial and logistics real estate market, he added: “There are many reasons to be upbeat including the continuing strong trend towards ‘nearshoring’ following the disruptions to global supply chains, the low penetration of e-commerce relative to Western European markets and the ongoing appetite of international companies to set up manufacturing facilities here due to Poland’s low-cost, skilled labour force and large domestic market.”
