The British developer Parkridge, and its compatriot, Morley Fund Management, have announced a joint fund that will be dedicated to developing new distribution warehouses in Central Europe. The EUR 200 mln venture will create logistics parks on a pre-let and speculative basis in Poland, Hungary, Slovakia and the Czech Republic.
The firms aim to develop a total of 800,000 sqm of warehousing space, with an average park size of 80,000 sqm. Land acquisitions have already been made which are said to provide 350,000 sqm of developable area. Details of locations have not yet been made available, but in the July edition of Eurobuild we reported that Parkridge owned land in: Pozna , Wroclaw, Piotrk¢w Trybunalski (central Poland), Bdzin (near Katowice) and Nadarzyn (near Warsaw).
Investing in the project will be Parkridge, along with three Norwich Union (a UK insurer) investment funds that are managed by Morley. Both Morley Fund Management and Norwich Union are part of Aviva Plc, a UK-based insurance and financial services group that also owns Commercial Union Polska.