The buyout arm of the National Bank of Greece has invested in four properties worth €75 million in central and eastern Europe for its commercial property fund.
NBGI Private Equity has bought three assets in Poland and one in the Czech Republic, it said, for the NBGI Private Equity Real Estate Fund, which has €80 million of equity commitments.
The first asset was a 28,000 square metre logistics facility in Myslowice, Poland, from Credit Suisse Asset Management. The second was Panattoni Park Torun, a 30,300 square metre logistics property located outside of Torun, also in Poland, from Standard Life Investments’ Select Property Fund. The third investment was a 16,010 square metre warehouse property in Grodzisk from Invista European Real Estate Trust. In the Czech Republic, it has bought Panattoni D5 Logistics Park, a 62,000 square metre property from Standard Life Investments’ Select Property Fund.
NBGI Private Equity’s Real Estate Fund invests in property-backed assets in central, southern and eastern Europe. It is targeting development projects and existing assets including logistics and warehousing, and retail.
James Huckle, investment director, said: “In contrast to economic uncertainty in much of Europe, Poland and the Czech Republic have shown healthy economic growth recently with improved road infrastructure and increased demand for logistical services. We continue to see a lot of potential in the logistics real estate market in the region and are currently assessing further opportunities.”