Today announced it has entered into binding transaction agreements to acquire a portfolio of five single-tenanted, long-lease, light industrial properties located in Poland for an aggregate purchase consideration of €41.9 million, inclusive of transaction costs (approximately R702.4 million).
The portfolio comprises warehouse and logistics facilities which are either newly constructed or were recently developed by Panattoni Development Company Inc., an international real estate developer specialising in industrial real estate and warehouses in Europe and the United States of America. The properties are characterised by strong locations with good road access, exceptional visibility and are situated in strategic manufacturing nodes within Poland.
Poland is an attractive investment destination, supported by rising real GDP growth and real private consumption. The country has good infrastructure and excellent access to neighbouring markets. The growing manufacturing and logistics sector is benefiting from lower operating costs, underpinning the strong investment case in this sector.
"We are very excited about this acquisition of five new, high-quality, light industrial assets in Poland, the largest economy in Central and Eastern Europe. This portfolio complements our current bespoke offshore strategy to invest in long-term single-tenant net leased properties that are strategic to bluechip multinational or large regional tenants in this region.
The acquisition increases our presence in Europe with assets that provide long-term Euro denominated income streams backed by high quality tenants,” said Michael Georgiou, Chief Executive Officer.
