At the beginning of 2020, investment into Polish commercial real estate was dominated by logistics. Warehouse assets worth €1.46bn changed hands in the first quarter, which almost equals the annual total for 2019 of € 1.48bn, according to Axi Immo. “While 2019 was a year of single-tenant deals, the opening quarter of 2020 saw a return of large portfolio sales,” said Renata Osiecka, managing partner at Axi Immo. The largest portfolio transaction was GLP Group’s takeover of all of Goodman’s CEE assets. The Singaporean investor acquired 21 logistics parks in Poland as well as assets in the Czech Republic, Hungary and Slovakia. Polish assets were also part of pan-European portfolios sold by Ares Management (to Investec) and Apollo Global Management (to P3, which is part of Singaporean GIC). Large Polish portfolios were sold by Panattoni to Savills Investment Management, acting on behalf of an Asian investor, as well as AEW to Swiss Pillar Investments and Hines to the Chinese CGL Investment Holdings. “Clearly, investment demand for Polish logistics real estate from Asian investors remains unabated,” said Osiecka.
