Finance

Prologis and Hines have announced that the sale transaction of a 163,796 sqm Prologis portfolio of industrial properties in Poland to Hines Global REIT Poland Logistics Holdings I LLC has been completed. The aggregate sales price was about $130 million.

The portfolio comprises 11 properties including ten buildings and a parcel of land located in four Prologis’ distribution parks: Prologis Park Warsaw, Prologis Park Warsaw III, Prologis Park Wrocław II and Prologis Park Będzin. Two of which were from Prologis’ portfolio, five from Prologis European Properties (Euronext: PEPR) and four from Prologis European Properties Fund II. Average occupancy across the properties is 92.8 percent leased.

Hines Poland will serve as Asset Manager and Property Manager on behalf of the owner, Hines Global REIT. Formerly known as Prologis Parks, Hines will re-brand them Distribution Parks, a branding strategy used by Hines in Brazil in its portfolio of 13 logistics facilities.

Mieczysław Godzisz, senior managing director of Hines in Poland said: “Industrial parks are an excellent acquisition for the Hines Global REIT due to the strength of the tenant and quality of the asset. The quality and professionalism of Prologis team made the acquisition process easier. The transaction has created great platform for future business in the region.”

“We are delighted to have closed this transaction with Hines Global REIT which will provide them with a portfolio of high quality well leased industrial assets with a good geographical spread across Poland whilst allowing Prologis to pursue our investment strategy and offer us the ability to redeploy our capital,” said Ben Bannatyne, managing director for Prologis in Central & Eastern Europe.

Jones Lang LaSalle represented Prologis in this transaction.

See also:

Back to Main News Page

Zbliża się konferencja FORUM RYNKU NIERUCHOMOŚCI 2013!

Magnificent 7 for AFI Europe at EuropaProperty's 8th annual SEE Real Estate Awards Gala

IMMOFINANZ debuts on the Warsaw Stock Exchange