Pinnacle Real Estate acquires one of CEE’s largest logistics parks
In a move that emphasises Pinnacle Real Estate’s ambitions in the CEE region, Pinnacle management has exchanged contracts to buy Europa Park, one of CEE’s largest and best-established logistics facilities, located on the outskirts of Warsaw. The transaction comprises 94,000 sqm of existing class A logistics space, with the capacity to add on a further 200,000 sqm, much of it rail connected.
Martin Carr, founder and Chief Executive of Pinnacle, commented: “We are pleased at the successful completion of this acquisition, which is a very strong addition to our growing portfolio of high quality logistics warehouses in the CEE region. Its combination of development opportunity coupled with existing lease agreements is an appealing proposition. The acquisition further strengthens our footprint in this fast growing zone, and allows us to offer our tenants even greater flexibility as they plan their CEE distribution networks in the region.”Lidia Goettig, Managing Director Europa Distribution Center Sp. z.o.o., commented: “The scale that Pinnacle brings to this transaction will be a significant advantage as we continue to develop this asset, and we are excited to begin the process of integrating Europa Park into Pinnacle’s wider European platform”.
In a credit constrained environment, Pinnacle’s track record and long term strategic plan have allowed Pinnacle to overcome the considerable hurdles created by the drying up of liquidity in the debt market, and financing for the transaction has been provided by the Polish bank, Bank Pekao SA.
The sellers of Europa Park have been advised throughout by Woodsford Consulting in London, as well as by Jones Lang LaSalle’s Warsaw-based team.