Panattoni Europe has disposed of two portfolios of logistics assets located in Poland, totaling 402,000 m² of space to affiliates of LogiCor, the pan-European logistics platform established by real estate funds managed by affiliates of The Blackstone Group L.P. (NYSE:BX).
The first transaction closed in October 2012 and consisted of four projects located in Poland’s key logistics markets, totaling 218,000 m² of space. The projects were previously held by a joint-venture between Panattoni and another investor. Bank Pekao S.A. provided the debt financing for the acquisition as sole lender.
The second transaction closed in December 2012, and consisted of a portfolio of nine newly-built logistics assets throughout Poland, totaling 184,000 m². The portfolio was co-developed with Pramerica Real Estate Investors, the European arm of the U.S.-based Prudential Financial, Inc.'s real estate investment management and advisory business. German bank Helaba (Landesbank Hessen-Thüringen) provided the debt financing for the acquisition as sole lender.
Robert Dobrzycki, Managing Partner for Central Europe at Panattoni Europe comments: "We are extremely happy to see that, due to its fundamentals, the Polish industrial real estate sector continues to perform well and attracts property investments. Together with our partners we have delivered strategically located, great quality, modern industrial properties that generated interest from such a reputable investor as Blackstone. We are also happy that Blackstone acknowledged the quality of our management platform and decided to retain Panattoni as asset and property manager.”
Ben Penaliggon, Director of European Funds at Pramerica comments: "The sale of these assets crystalizes a successful joint venture with Panattoni and further confirms the ability of Pramerica to source and invest in select opportunities across Europe that deliver attractive returns to investors, especially on a risk adjusted basis.”
LogiCor, together with its affiliates, today owns 2.5 million square meters (26 million square feet) in 91 high-quality properties in the UK, France and Poland, serving the logistics and distribution needs of manufacturers, retailers and third-party logistics solutions providers. Blackstone’s comparable company in the United States, IndCor, currently manages properties totaling 83 million square feet in 40 key logistics markets in 23 states.
Ken Caplan, head of Real Estate for Blackstone in Europe, said: “With the addition of these two portfolios, we are further building on our strategy of acquiring high-quality, well-located logistics properties in Europe, through the LogiCor platform. These assets complement our other logistics properties across Europe in terms of their tenant quality, efficient design, and excellent locations. We look forward to continuing to growing and developing this important asset class in our overall European real estate portfolio.”
Mo Barzegar, President and CEO of LogiCor Europe Ltd, remarked: “We are pleased to have been able to expand the reach of LogiCor into Poland, where the market for modern, efficient industrial properties continues to strengthen. We look forward to working with our tenants to support their growing needs for high-quality logistics and light industrial real estate.”
About Panattoni Europe
Panattoni Europe is part of the Panattoni Development Company, one of the largest industrial developers in the world, with 40 offices in North America and Europe. Panattoni Europe has been present in the CEE region since 2005. To date, the developer has delivered more than 1.82 million sqm of modern industrial space altogether in Poland and the Czech Republic. A dedicated department responding to individual tenants’ needs - build-to-suit projects - is located within the Panattoni Europe structure. Among key tenants are companies such as arvato services Polska, Coty Cosmetics, DSV, H&M, Intermarché, Leroy Merlin, ND Logistics, Still, Schenker and Tesco. Apart from Poland, Panattoni Europe has offices in the United Kingdom, the Czech Republic, France, Italy, Spain, Luxembourg and Germany. www.panattoni.pl
About Pramerica Real Estate Investors
Pramerica Real Estate Investors is a leader in the global real estate investment management business, offering a broad range of investment vehicles that invest in private and public market opportunities in the United States, Europe, the Middle East, Asia, Australia and Latin America. Headquartered in Madison, New Jersey, Pramerica has other offices in Atlanta, Chicago, New York, San Francisco, Miami, London, Lisbon Luxembourg, Munich, Paris, Istanbul, Abu Dhabi, Mexico City, Sao Paulo, Beijing, Hong Kong, Seoul, Singapore and Tokyo. In addition, Pramerica has representatives in Milan and is establishing a presence in Sydney (pending regulatory approval). As of September 30, 2012, Pramerica managed approximately $51.2 billion in gross real estate assets ($34.6 billion net) on behalf of more than 490 clients worldwide. For more information, visit http://www.pramericarei.com.
Blackstone is one of the world’s leading investment and advisory firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, the companies we advise and the broader global economy. We do this through the commitment of our extraordinary people and flexible capital. Our alternative asset management businesses include the management of private equity funds, real estate funds, hedge fund solutions, credit-oriented funds and closed-end mutual funds. Blackstone also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory and fund placement services. Further information is available at www.blackstone.com. Follow us on Twitter @Blackstone.
Bank Pekao, member of UniCredit Group, is the biggest corporate bank in Poland, with the largest scope of services for corporates. One of Europe's banks with the highest capitalisation ratio. Bank Pekao is an active lender in the commercial and residential real estate, which never stopped lending to this sector, ready to finance development and acquisition projects which create an added value for the Polish economy. The Bank was honored with the Eurobuild Award for Financial Provider of the Year in Poland 2011 and 2012.
Helaba is a German Landesbank headquartered in Frankfurt and Erfurt and at important financial centres worldwide. As a balance sheet lender the bank’s business model remained unchanged and provided reliability for its customers all throughout the financial crisis. Real Estate business, a highlighted feature for the bank, is focused on commercial properties in Germany, Europe and the US. Helaba started business in Central Europe in 2006 and focuses on real estate financing of office, retail and logistic properties in Poland, the Czech Republic and Slovakia for institutional investors.
Peter Rose, +1 212-583-5871
Andrew Dowler, +44 (0)20 7251 3801
Anita Pietrykowska, +48 22 697 114 484
Northern and Central Europe
Martin Erbe, +49 69 9132 4063
Head of International Real Estate Finance
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