News

Panattoni Europe announces that it has created a new joint venture (JV) with Pramerica Real Estate Investors to develop a portfolio of up to 100 million of Class A logistics warehouses in Poland, the Czech Republic and Slovakia. Pramerica is the real estate investment and advisory business of the US headquartered Prudential Financial.

The JV has closed with an initial 32,000 m2 preleased seed asset, and is pursuing three additional Polish assets totalling in excess of 45,000 m2. The JV will target new developments with a minimum area of approximately 10,000 m2, which will be at least 50 percent pre-let before construction will start. It will invest over a period of 18 months and a minimum of 65 percent of its total assets will be in Poland. Pramerica and Panattoni have established the JV to take advantage of continuing demand from occupiers for prime logistics space in Central and Eastern Europe, Poland in particular, as well as growing investor demand for this type of product in the region. This is Pramerica's second JV with Panattoni in Poland, the two parties having successfully developed eleven buildings together to date, totalling around 241,000 square meters of Class A industrial space in the country.