Dentons’ Global Real Estate team acted as legal counsel to P3, the specialist owner, developer and manager of European logistics properties, on the acquisition of a portfolio of three logistics parks, two of which are located in Poland and one in Romania, from CA Immobilien Anlagen AG. The portfolio totals 467,000 sq.m. of lettable area. The transaction also includes approximately 165 hectares of land for development, principally in Poland and Romania.
In Poland, the 177,000 sq.m. park at Blonie is situated in close proximity to the Warsaw city center, with links to the A2 motorway to Poznan and Berlin. Tenants include large traditional and online retailers like Bayer, IBM, Orange, Triumph and Allegro. The park also offers 17 ha. of development land. The second park is located near Piotrkow, South East of Lodz in central Poland. It provides 75,000 sq.m. of space and direct road links to Warsaw, Wroclaw and Katowice. The park is on a 120 ha. plot, offering scope for development.
The Bucharest Park is the largest of the three standing assets acquired by P3, consisting of 215,000 sq.m. of almost fully occupied space and 40 ha. of land for development. It is a major center for third-party logistics providers, due to its direct access to the A1 motorway heading westwards and the park’s freight handling facilities as part of the pan-European rail corridor linking Dresden and Nuremberg to Istanbul. The park’s location, on the city’s principal ring road and its close proximity to central Bucharest, attracts both e-commerce tenants as well as multinationals such as Carrefour.
Evan Z. Lazar, Co-Chairman of the Global Real Estate Group at Dentons added: “The logistics sector continues to be attractive in Central and Eastern Europe and this is yet another significant cross-border transaction on the warehouse market that Dentons advised on this year.”