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Standard Life funds commercial property sales in Poland
European Property Investors Special Opportunities has purchased commercial property from the Standard Life Investments Select Property Fund.
The four Polish business property projects were purchased for €67 million (£56 million) and consist of a total 128,000 sq m of logistical space across Lodz, Pruszkow and Poznan.
Andrew Jackson, manager of the Select Property Fund, said: "During 2006 our research-led strategy for our global property fund, the Select Property Fund, indicated a move out of the UK into the Polish property market."
He added that the properties, originally purchased through the Panattoni Development Company, performed much better than assets in the commercial property market in the UK, which has fallen 20% since 2007.
Standard Life currently oversees investment projects in business property around the world, with offices based in London, Boston, Montreal, Hong Kong, Dublin and Sydney, along with representatives in Beijing and Seoul.
Posted by Tom Baker
The four Polish business property projects were purchased for €67 million (£56 million) and consist of a total 128,000 sq m of logistical space across Lodz, Pruszkow and Poznan.
Andrew Jackson, manager of the Select Property Fund, said: "During 2006 our research-led strategy for our global property fund, the Select Property Fund, indicated a move out of the UK into the Polish property market."
He added that the properties, originally purchased through the Panattoni Development Company, performed much better than assets in the commercial property market in the UK, which has fallen 20% since 2007.
Standard Life currently oversees investment projects in business property around the world, with offices based in London, Boston, Montreal, Hong Kong, Dublin and Sydney, along with representatives in Beijing and Seoul.
Posted by Tom Baker
Wed, 2nd Jun 2010