Select Property Fund sells assets worth €118 million
Select Property Fund, a real estate closed-ended fund managed by Standard Life Investments has sold a portfolio of logistic properties in Poland to Logicor, an European logistics platform of Blackstone, for €118.2 million. The funds will be used to purchase assets with higher growth potential in markets, where the economic recovery has started to push up rents and tenant demand, Standard Life Investment said in a statement.
The portfolio comprises seven logistic properties with a total GLA of 200,000 sqm as well as 70,000 sqm of land. The properties are located within three logistic parks: in Mysłowice in Upper Silesia, Stryków in Central Poland and on Robakowo near Poznań.
“The transaction exemplifies the fund’s expansion plans and marks the end of a period of cautious investment policy. Disposing of the portfolio will allow us to focus on assets that will benefit from economic recovery that can already be seen in international markets,” said Andrew Jackson, CEO of Select Property Fund. We will, however, remain active in Poland and we’ll continue to seek new investment opportunities compatible with our strategy,” he added. Cushman & Wakefield represented Standard Life Investments.
“This disposal represents one of the largest logistics portfolio transactions in Poland which demonstrates a continued strong demand for high quality logistics assets in strategic Polish distribution hubs,” said Soren Rodian Olsen, head of Office & Industrial Investments at Capital Markets of Cushman & Wakefield in Poland.
