Investment Management鈥檚 core pan-European property fund Encore+ has acquired a 43,000sqm logistics property in south-west Warsaw, increasing the fund鈥檚 exposure in the Polish capital.
LaSalle said it has acquired Panattoni Park Warsaw West asset for an undisclosed sum.
The asset, developed by Panattoni Europe in 2017, is located in Grodzisk Mazowiecki, a suburb of Warsaw that is 35km from both Warsaw city centre and Chopin Airport Warsaw.
David Ironside the Encore+ fund鈥檚 manager said this acquisition increases the fund鈥檚 exposure to logistics in Warsaw, the 鈥漟astest-growing market in Poland, through an asset with excellent specifications and connections鈥�.
The investment strategy for Encore+ focuses on improving assets and creating growth by seeking opportunities to actively manage assets to deliver superior income returns.
鈥淭he Warsaw logistics market is experiencing year-on-year decreases in vacancy rates, with the current rate at 4.8%, Ironside said.
鈥淲hen combined with expected constraints on development in the area due to increasing construction costs and legislative pressures, this indicates that the asset is set to experience a favourable supply-demand dynamic in the future.鈥�
