Dentons’ Global Real Estate team acted as legal counsel to P3, the specialist owner, developer and manager of European logistics properties, on the acquisition of a portfolio of three logistics parks, two of which are located in Poland and one in Romania, from CA Immobilien Anlagen AG. The portfolio totals 467,000 sq.m. of lettable area. The transaction also includes approximately 165 hectares of land for development, principally in Poland and Romania.

In Poland, the 177,000 sq.m. park at Blonie is situated in close proximity to the Warsaw city center, with links to the A2 motorway to Poznan and Berlin. Tenants include large traditional and online retailers like Bayer, IBM, Orange, Triumph and Allegro. The park also offers 17 ha. of development land. The second park is located near Piotrkow, South East of Lodz in central Poland. It provides 75,000 sq.m. of space and direct road links to Warsaw, Wroclaw and Katowice. The park is on a 120 ha. plot, offering scope for development.

The Bucharest Park is the largest of the three standing assets acquired by P3, consisting of 215,000 sq.m. of almost fully occupied space and 40 ha. of land for development. It is a major center for third-party logistics providers, due to its direct access to the A1 motorway heading westwards and the park’s freight handling facilities as part of the pan-European rail corridor linking Dresden and Nuremberg to Istanbul. The park’s location, on the city’s principal ring road and its close proximity to central Bucharest, attracts both e-commerce tenants as well as multinationals such as Carrefour.

Dentons put together a cross-border team experienced in major real estate transactions composed of Peter Deegan, Co-Head of European Banking & Finance with real estate associates Dominik Gorski and Agnieszka Nagorska providing additional support. Perry Zizzi, Partner and Head of Romania Banking and Finance together with his team advised on the acquisition financing, while Tomasz Stasiak, a Warsaw-based real estate Partner oversaw the due diligence process.

Peter Deegan said: “We are extremely pleased to have advised P3 on this acquisition, which added another large suıte of logistics assets to P3’s leading pan-European portfolio. This was a complex cross-regional transaction requiring a particular skill set from the whole Dentons team involved.”

Evan Z. Lazar, Co-Chairman of the Global Real Estate Group at Dentons added: “The logistics sector continues to be attractive in Central and Eastern Europe and this is yet another significant cross-border transaction on the warehouse market that Dentons advised on this year.” 

Recently, Dentons lawyers advised on three other major transactions in the logistics sector. They represented Blackstone on the acquisition of a logistics portfolio in Poland and the Czech Republic from Pramerica, as well as acted for an international real estate investment manager on the sale of a portfolio of logistics parks across Poland, the Czech Republic and Slovakia. The firm was also involved in advising Tristan Capital Partners on a sale of substantial VGP portfolio in the Czech Republic.

The Global Real Estate Group at Dentons, with nearly 600 professionals, is one of the largest dedicated global real estate teams among the world’s leading international law firms and is a market leader in Canada, the US, continental and Emerging Europe, the Middle East, Asia and Africa. Dentons Global Real Estate team offers specific, industry sector advice in Real Estate Development and Construction, Real Estate Finance, and Real Estate Investment.

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