On October 27, 2010, the Standard Life Investments fund sold the Panattoni Park Garwolin logistics park, a property with an area of 25,940 sq m, to NBGI Private Equity. Panattoni Park Garwolin, built by Standard Life Investments in October 2008, is fully leased on a long-term basis to Avon, a global giant in the cosmetics industry. This Class A warehouse is located on a 10-hectare plot near Avon’s main production facility in Garwolin, about 60 kilometers from Warsaw.
– The Panattoni Park was a very successful venture for our fund. Its sale is part of our strategy of divesting stable assets, which will help us focus on new commercial real estate projects in Europe – says Andrew Jackson, Investment Director at Standard Life Investments.
The transaction, worth 80 million euros, was carried out by the NBGI Private Equity Real Estate fund, which invests in the markets of Central, Southern, and Eastern Europe. The fund focuses on projects under construction and existing assets – office buildings, warehouses, and retail and industrial facilities.
– The acquisition of Panattoni Park Garwolin fits into our investment strategy of acquiring Class A logistics assets with secured long-term lease agreements. The rapidly growing Polish economy is very attractive, which is why we are pleased that our first investment is taking place right here. In line with this strategy, we are planning further acquisitions in Poland and the Central and Eastern European region – said James Huckle, Investment Director at NBGI.