Standard Life Investments, one of the largest property investors in Europe, has announced the sale of two logistics parks - D5 Pilsen in the Czech Republic and Torun in Poland - on behalf of its Select Property Fund.
Standard Life Investments developed both projects in a joint venture with Panattoni Europe, one of the world's leading commercial developers. The Czech property was developed in 2007, and the Polish park in 2010, at a combined cost of 42.9 million Euros.
Commenting on the sale, Andrew Jackson, Fund Manager of the Standard Life Investments Select Property Fund said:
"Both assets are excellent examples of the rigorous investment process we apply at Standard Life Investments. This starts with our research team who highlighted the attractiveness of Central and Eastern European logistical markets in 2006, given the benign outlook for economic growth and surging demand for logistical space spurred by huge infrastructure projects. Implementation of this strategy included the selection of a best-in-class developer, in the form of Panattoni.
"Not only have both properties shown higher income yields than those available in most other European markets, but they have also provided our investors with a healthy level of capital uplift during a period of severe stress in Europe."
"We still have exposure to a number of logistical properties in Poland, but will recycle the sale proceeds from the current transactions into other international real estate markets, both directly and through depressed stock exchange listed property companies."
Since its launch in 2005, the £560m1 Select Property Fund has made a number of direct property acquisitions including purchases in the Czech Republic, Germany, Poland, Portugal, Australia and Brazil, in addition to listed real estate investments in most of the key international real estate investment trust (REIT) markets around the world.
The parks were sold to NBGi Private Equity Fund.
The Panattoni D5 Logistics Park is located close to the city of Stríbro, and provides 62,000 sqm of modern logistics and industrial space. Major occupiers include Lear Corporation, Leoni Neumatic and ASSA Abloy. The 30,300 sqm Torun Logistics Park is 100% leased to Cereal Partners Poland, a joint venture between global food giants Nestle and General Mills, on a 10 year lease. The Class A warehouse is situated on a six hectare site approximately four kilometres from a junction with the new A1 motorway and 15 kilometres to the city centre of Torun.
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