Dentons has acted as legal counsel to P3, the specialist owner, developer, and manager of European logistics properties, on the acquisition of a portfolio of three logistics parks — two in Poland and one in Romania — from CA Immobilien Anlagen.
The portfolio totals 467,000 square meters of lettable area. The transaction also includes approximately 165 hectares of land for development, principally in Poland and Romania.
In Poland, the 177,000 square meters park at Blonie is located close to the Warsaw city center. Tenants include large traditional and online retailers like Bayer, IBM, Orange, Triumph, and Allegro. The park also offers 17 hectares of development land. The second park is located near Piotrkow, South East of Lodz in central Poland. It consists of 75,000 square meters of space and direct road links to Warsaw, Wroclaw and Katowice. The park is on a 120 hectare plot, offering scope for development.
The Bucharest Park is the largest of the three standing assets acquired by P3, consisting of 215,000 square meters of occupied space and 40 hectares of land for development on Bucharest’s principal ring road. Dentons describes it as “a major center for third-party logistics providers, due to its direct access to the A1 motorway heading westwards and the park’s freight handling facilities as part of the pan-European rail corridor linking Dresden and Nuremberg to Istanbul.”
Dentons’ cross-border team consisted of Partners Peter Deegan and Gabriel Olearnik, with Associates Dominik Gorski and Agnieszka Nagorska providing additional support. A Bucharest team led by Partner Perry Zizzi (moved from Clifford Chance in July) — Dentons’ Head of Romania Banking and Finance — advised on the acquisition financing, while Warsaw-based Partner Tomasz Stasiak oversaw the due diligence process.
Evan Lazar, Co-Chairman of the Global Real Estate Group at Dentons, said: “The logistics sector continues to be attractive in Central and Eastern Europe and this is yet another significant cross-border transaction on the warehouse market that Dentons advised on this year.”
In July Dentons advised Blackstone on a major logistics acquisition in Poland and the Czech Republic, as well as advising Deutsche Pfandbriefbank and UniCredit Bank Austria on a joint EUR 215 million senior facility to refinance a P3 logistics portfolio in the Czech Republic, Poland, and Slovakia. More recently White & Case advised P3 on an acquisition of a logistics portfolio in the Czech Republic.