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Industrial Developer Buys 247 Acres in Poland

WARSAW-British industrial developer Parkridge CE Development buys three sites totaling about 100 hectares for the development of warehouse and logistics projects. The firm's first build-to-suit tenant for the land is DHL, a local source tells GlobeSt.com.

By Brian K. Miller | Updated on March 07, 2005

WARSAW-A British industrial property developer has acquired three land parcels totaling 247 acres in Poland. Parkridge CE Developments is going to develop warehouse and logistics buildings on the land, according to the brokerage firm in the transaction, Colliers International. A representative of the brokerage firm declined to disclose the acquisition price and it was not otherwise immediately available.The three sites, strategically located from the logistics point of view, are located near Wrocaw (Kty Wrocawskie), in Upper Silesia (Dbrowa Górnicza) and near Poznañ (Wrzeœnia, Western Poland). “In Southern and Western Poland there is a diminishing industrial land supply,” says Colliers broker Renata Osiecka. “It was the perfect timing for Parkridge to buy it since we may expect some increase of land prices in the hottest regions of the CEE.”Another source at Colliers tells GlobeSt.com that Parkridge already has landed DHL as a tenant for the first building now under construction at Dbrowa Górnicza. The UPS competitor signed a lease agreement for about 150,000 sf. The property will be developed as tenants are found, according to the source, adding that the buildings can be up and occupied within 14 to 16 weeks. Parkridge was formed in August 1998, the founding directors being John Cutts, Alan Stainforth and Philip O’Callaghan. In addition to Dbrowa Górnicza, the firm is currently developing new warehouses in Nadarzyn, near Warsaw. The work is related to a joint venture it has formed with UK-based Morley Fund Management to develop nine master distribution parks totaling 8.6 million sf in Poland, Slovakia, Hungary and Czech Republic. The fund for the project is now closed with EUR $200 million in equity to develop both speculative and pre-let buildings.

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