Polish Logistics LLP, a new investment vehicle established by IO Asset Management, the specialist manager of industrial real estate, and REINO Capital, a real estate holding company listed on the Warsaw Stock Exchange, with the backing of Grosvenor Group, one of the largest privately-owned international property companies, has completed its first investment, a prime logistics park in the centre of Poland.
Polish Logistics LLP has acquired Logistic City in the established logistics location of Piotrków, south of Lodz, from a private investor.
Logistic City comprises 135,000 sq m of built and leased space and development land with the potential for a further 300,000 sq m of build-to-suit space. The built space comprises four units, let to seven tenants. The main tenant, occupying half of the space, is Jysk, the Danish retail chain.
The Polish Logistics LLP investment vehicle will be managed by IO & REINO through a joint venture that draws upon REINO’s local market presence and IO’s specialist industrial real estate expertise.
Polish Logistics LLP intends to expand its portfolio through the acquisition of both standing investments and land for build-to-suit developments. It represents the third investment programme for IO Asset Management and Grosvenor. The first two were of multi-let industrial assets in the UK.
The joint venture partners consider Logistic City to be a superb first investment, as it is located in an increasingly desirable area for central distribution hubs and there is the potential for further development to meet the growing demand from logisics users.
Angus Scott-Brown, managing partner of IO Asset Management, said:
“The logistics market in Poland is particularly attractive due to its location, size and growth potential. It is a natural direction of development for both IO and our investors. The joint venture with REINO Capital is an excellent combination of experience and local competences, which are essential for the acquisition of new investment opportunities and the delivery of value to our investors”.