Invesco Real Estate (Invesco), the global real estate investment manager, has sold two build-to-suit distribution centres in Poland totalling 105,000 sqm to the Chinese Investment Company, CGL Investment Holdings Corporation. The sale was made on behalf of Invesco’s strategic opportunities investment programme and the corporate transaction has set new records for the market with assets valued based on a record yield for the Polish logistics market of 4.25 percent.
The two distribution centres are let on a 15-year lease to retailer Amazon and were built to their specifications by one of Invesco’s logistics development partners, Panattoni Europe in 2018/2019. The distribution centres were handed over to the retailer in the summer of 2019 and function as important logistics hubs in central Europe, predominantly serving the German market.
“With demand for bespoke logistics space in Europe high, the opportunity to fund two purpose-built distribution centres for one of the market’s biggest retailers, backed by long-term institutional quality triple-net leases, is the type of transaction in which we have strong conviction,” said Tomas Picha, Senior Director – CEE Transactions, Invesco Real Estate. ”Our approach for the strategic opportunities programme is to exploit market inefficiencies while delivering strong risk-adjusted returns to our investors throughout the capital structure and during different stages of the market cycles. Our programme will be reinvesting the capital into other projects across Europe, which conform to our investment style.”
In this transaction, Invesco was advised by Greenberg Traurig Grzesiak, Gleeds and co-exclusively by Cushman & Wakefield and CBRE.