Invesco Real Estate and its joint venture partner Panattoni have sold a Grade A airport logistics park with a total lease area of c. 110,000 sqm in Gdansk, Poland to EQT Exeter.
Panattoni Park Gdansk Airport sits directly adjacent to Gdansk’s Lech Walesa Airport and includes a Big Box warehouse and four last-mile and cross-dock buildings, making it one of the largest facilities in the region.
Located within a unique mix of global freight and transportations nodes, and including c. 4,800 sqm of office space, the park accounts for more than 10% of the entire Tri-city market.
Tri-city is a metropolitan area in the north of Poland, comprising Gdańsk and two nearby cities Gdynia and Sopot.
Invesco Real Estate and Panattoni acquired the plot in 2020 and substantially developed it to the highest technical and sustainability standards. Four of the five newly constructed buildings qualify as BREEAM Very Good while the first warehouse built at the location has a BREEAM Good label.
Over the past two years, the airport logistics park has seen extensive demand from tenants, allowing Invesco Real Estate and Panattoni to lease and sell the final core product within just two years and despite the Covid-19 pandemic.
The now completed facility is currently 93% leased, underscoring the strength of the location and attractiveness of the facility.
The Tri-city region has rapidly developed into a key regional logistics hub due to the proximity of Gdansk’s large port and an established Europe-China trade corridor. The economic growth and rising importance of the Central European distribution network was one of the main investment drivers supporting the location.
Petr Sramek, Director, Transactions at Invesco Real Estate, said: “The Polish market continues to experience strong demand for prime logistics properties. This major ttransaction is a testament to the long-term strength of Poland’s real estate market, with international, core investors willing to make new acquisitions in the region despite the conflict in Ukraine and the uncertainty it has created.
We have seen exceptional demand from tenants for this facility in Gdansk and have been able to successfully realise our investment together with our partner Panattoni in a reduced timeframe due to the Polish logistics sector’s highly attractive fundamentals. Thanks to our strong collaboration with all our local partners, we were able to deliver an exceptional return for our investors.”
Robert Dobrzycki, CEO and co-owner of Panattoni Europe and India, added: “The Polish logistics market is the largest and one of the most mature in Central Europe and the low vacancy rate at this newly completed park in Gdansk illustrates just how strong demand is for prime logistics assets. We will continue to scour the market in our home country for new development opportunities as we accelerate our expansion across Central and Western European markets.”