Invesco Real Estate, the international property investment manager, has invested around EUR 37 mln in the development of a 57,000-m2 logistics property in Gliwice, Poland. The asset was developed by Panattoni Europe and is fully let on a long-term lease to Tesco Poland, which is using the property as a primary distribution centre for all Tesco stores across southern Poland.

The investment was made on behalf of the iii-BVK Europa-Immobilien-Spezialfonds, an institutional real estate fund of Bayerische Versorgungskammer (BVK), which Invesco Real Estate has managed since 2000.

'Our local transactions team’s expertise in the CEE markets was integral to securing this excellent off-market development project,' said Bettina Knirsch, IRE's director of Fund Management. 'This forward-funded prime logistics property not only complements the existing assets within our client's mandate but adds further diversification to their overall portfolio with an asset that is long-let to a good covenant tenant, providing a stable and attractive income stream.'

Invesco Real Estate and Panattoni Europe have partnered one another on other construction projects for logistics properties in Europe. The most recent projects include a 20,000-m2 extension to an existing logistics warehouse in Orléans, France, also owned by BVK, and a 30,000-m2 extension project, with sustainable specifications, for a logistics property near Poznan, Poland, which is used as a major distribution hub by retailer H&M.