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.
