PGIM Real Estate has acquired a property in Legnica, in Poland’s Lower Silesia region, on behalf of its closed European Value Partners II (EVP II) fund, for an undisclosed amount.
The 210,365 m2 site is located on a former military airport and the goal is to develop it into a Grade A big-box logistics property. Construction is scheduled to begin this year.
‘The newly acquired site perfectly aligns with two important trends we are observing in the market,’ explained Dominik Brambring, head of Germany, Austria, Netherlands at PGIM Real Estate. ‘First, 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 (”nearshoring”), driven by the goal of shorter supply chains and delivery times, in part due to the bottlenecks we experienced during the COVID-19 pandemic,’ Brambring continued.
Clifford Chance acted as legal advisor for PGIM Real Estate.