Parkridge and Morley Fund Management have formed a fund to develop and own distribution-warehousing parks in Central Europe.
Parkridge and Morley Fund Management have formed a fund to develop and own distribution-warehousing parks in Central Europe.
The Logistics Parks will be developed on a pre-let and speculative basis in Poland, Hungary, Slovakia and the Czech Republic with an average park size of 80,000m˛ and totalling 800,000m˛ across the region. The investors in the fund are Parkridge and the three Morley managed Norwich Union Life funds.
Progress has been quick with four sites already acquired yielding 350,000m˛ of developable area. A further five sites have also been identified. The operation will be run from Parkridge’s Warsaw office by its joint managing directors Hans van Luijken (leasing) and Piotr Michalski (construction).
Roger Sporle, fund manager at Morley, said: "This fits perfectly with our recently announced strategy of expanding into mainland Europe and represents an excellent opportunity to participate in the significant growth already being seen in these EU territories. Interest from occupiers is very strong and with a partner of Parkridge’s calibre we are able to leverage relationships with UK and EU occupiers seeking expansion in these markets."
Alan Stainforth, spokesman for Parkridge, added: "We have teamed up with a number of international third party logistics contractors to provide them with customer driven solutions, our aim is to partner them in all aspects concerning property. Our partnership with Morley accelerates our development as a major player in these markets."
King Sturge acted for Morley and are retained as property advisors to the fund. Lawyers Berwin Leighton Paisner and Wragge & Co and tax advisors KPMG advised on the creation of the fund.
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For further information please contact:
Monina Villaroman +(44) 20 7809 8618
Morley Fund Management
Hans van Luijken +48 (22) 653 48 00
Parkridge Developments Limited
Alan Stainforth +(44) 121 745 0700
Parkridge Developments Limited
Further information about Morley Fund Management can be found at www.morleyfm.com
Contact us at Morley Fund Management, No. 1 Poultry, London EC2R 8EJ.
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Morley Fund Management is a business name of Morley Fund Management Limited, registered in England No. 1151805. A member of the Norwich Union Marketing Group, members of which are authorised and regulated in the UK by the Financial Services Authority for life assurance, pensions and investments. Registered Office: No. 1 Poultry, London EC2R 8EJ. A member of the Investment Management Association.
Morley Fund Management is also a business name of Morley Investment Services Limited and Morley Fund Management International Limited. All are Aviva companies. MFM/04/1042