GE Commercial Finance Real Estate has acquired a logistics warehouse in Poland for roughly $21 million. Dutch developer Grontmij Real Estate International sold the 75,000 sq. ft. complex to GE. The entire complex will be completed in November, when a Polish-based food and home goods distributor EuroCash will begin occupying the space on a long-term lease.
"We are delighted to have acquired this well-located asset with a strong local tenant already identified," says Karim Habra, managing director of GE Commercial Finance Real Estate Central Europe. "GREI has developed the property to a high specification with a flexible design to meet the demands of EuroCash and thereby created the sort of asset that is highly sought out by investors."
The building consists of 60,000 sq. ft. of flex warehouse space, plus roughly 15,000 sq. ft. of office space. The complex is strategically located on the A-2 highway, which connects Berlin to Warsaw.
Source: National Real Estate Investor