Accelerate Property Fund, a JSE-listed real estate investment trust, has announced it will acquire a portfolio of five single-tenanted, long-lease, light industrial properties in Poland for €41.9 million from Panattoni Europe.
The portfolio comprises warehouse and logistics facilities which are either newly constructed or were recently developed by Panattoni Europe. The buildings are located in Koluszki, Brześć Kujawski, Września, Międzyrzecz and Polkowice.
The weighted average unexpired lease term is 13.5 years across the portfolio. The deal is financed by a seven year loan from Berlin Hyp with no early pre-payment penalties after three years. The Portfolio generates an initial levered Euro yield of 9.12% and allows for a further 14,000 sqm of development.
"This portfolio complements our current bespoke offshore strategy to invest in long-term single-tenant net leased properties that are strategic to blue-chip multinational or large regional tenants in this region. The acquisition increases our presence in Europe with assets that provide long-term euro-denominated income streams backed by high-quality tenants," said CEO Michael Georgiou.
This is Accelerate’s first acquisition in Poland. The company invested in Austria and Slovakia last year, when it bought nine retail warehouses all tenanted by OBI.
