has acquired a logistics development in Poland on behalf of its second European value-add fund.
The manager has invested an undisclosed amount to buy the property in Legnica, for the European Value Partners II fund which raised $1.1bn (鈧�950m) at its final close in September last year.
PGIM Real Estate said the 210,365sqm site is located on a former military airport and the plan is to develop it into a grade-A big-box logistics property.
Dominik Brambring, Head of Germany, Austria, Netherlands at PGIM Real Estate, said: 鈥淭he newly acquired site perfectly aligns with two important trends we are observing in the market.
鈥滷irst, logistics has evolved into a borderless infrastructure, a dense network of vertically integrated logistics facilities in all major countries. Second, manufacturers are moving closer to consumers (鈥檔earshoring鈥�), driven by the goal of shorter supply chains and delivery times, in part due to the bottlenecks we experienced during the COVID-19 pandemic.鈥�
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