P3 buys logistics portfolio from CA Immo for app. €110 million

Warehouse space investor PointPark Properties (P3) has acquired a logistics portfolio of a total of 467,000 sqm from CA Immobilien Anlagen located in Poland and Romania. The deal comprises two assets in Poland (252,000 sqm) and one in Romania (135,000 sqm) as well as nearly 165 hectares of land for development, located predominantly in these two countries. “This transaction follows P3’s recent acquisitions in Italy and the Czech Republic and is in line with our overall strategy for growing our business since the acquisition of P3 by TPG and Ivanhoe Cambridge in October last year,” said Ian Worboys, P3’s Chief Executive. The assets are currently held in a joint venture between CA Immo and the European Bank for Reconstruction and Development (EBRD). Dr. Bruno Ettenauer, CEO of CA Immo, said that the transaction is in line with the company’s strategy to focus on core office assets. “In addition, the sale will release equity in the significant amount of around €110 million, which should be deployed in a value-accretive way for our shareholders and support our long-term profitability targets,” he added.