Industrial Firms Form $139M Development JV

WARSAW-In further signs of an industrial market surge in Eastern and Central Europe, Pramerica Real Estate Investors and Panattoni Europe have formed a venture to create a portfolio of up to $139 million in class A logistic warehouses in Poland, the Czech Republic and Slovakia. Panattoni Europe is based in London, and Pramerica is a division of Prudential Financial, based in Newark, NJ.

The venture has already closed about 344,000 square feet of a preleased seed asset in Poland, according to a Pramerica statement. The venture is also pursuing three other Poland assets totaling more than 484,000 square feet. The venture is looking for assets that have a minimum of 110,000 square feet, usually with at least 50% of the property preleased before construction begins, but speculative projects possible.