Polish Logistics LLP, a new investment vehicle established by IO Asset Management, the specialist manager of industrial real estate, and REINO Capital, 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 Piotrków, south of Lodz. Logistic City comprises 135,000m² of built and leased space and development land with the potential for a further 300,000m² 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 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 logistics users. The purchase price was not disclosed.
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”.
Dorota Latkowska, CIO of REINO Partners, the asset management company of REINO Capital, said: “The fact that we have attracted Grosvenor for its first investment in Poland is evidence of its recognition and trust in our team. REINO, having a 10-year track record, is becoming a first choice investment partner and asset manager in the Polish real estate market for global investors. We want to make Logistic City and its expansion the foundation of our logistics investment programme in Poland. We are ready to significantly expand our logistics portfolio within the coming months, as we have identified several investment opportunities”.
Andy Yates, Investment Director, Indirect Investment, at Grosvenor Group, said: “We are pleased to have made this first acquisition in our new venture. Whilst this is the first partnership with REINO, it is our third partnership with IO, and we believe the combination of local market knowledge and sector expertise is very powerful. We look forward to building on this initial investment in what is a sector with strong supporting market dynamics”.