Swedish furniture company IKEA signed a long-term lease for its external pick-up facility Tulipán Park Biatorbágy, owned by Logicor. Global real estate advisor Cushman & Wakefield acted on behalf of the Landlord in the lease transaction for over 5,200m² warehouse space and over 650m² of office and client area.
As the building had to serve warehousing and commercial functions simultaneously, IKEA requested some unique and bespoke modifications in order to serve them. They moved in to the facility in November 2015. The 25,000m² facility is located in Biatorbágy in the core catchment area of Budaörs – a decision made in line with IKEA’s real estate policy determined in terms of distance and drive time.
Tulipan Park is located on the western outskirts of Budapest at the junction of the M0 ring road and M1 motorway. The M0 and the neighbouring motorways provide access in all directions and to all major motorways in Budapest and Hungary.
Gábor Halász-Csatári, head of industrial agency at Cushman & Wakefield Budapest said: “We are delighted to have completed such a significant leasing deal in our exclusively represented industrial park. Both IKEA and Tulipán Park symbolize top of the range quality in their business and hence are a perfect match for a long-term cooperation. IKEA’s specific fit-out requirements were indeed a challenge, however we have managed to deliver a unique and tailor-made tenement for them. We are confident that both parties are satisfied with the result of the transaction.”
Bartek Mierzwiak at Logicor added: “ It is a very big success for Logicor, that as a new market entrant we have secured such an important international tenant as IKEA. We hope that our flexibility and stable background accompanied with Cushman & Wakefield’s professional approach will help the remaining vacant areas to lease up quickly.”
Logicor recently leased two distribution warehouses to Amazon in the UK, adding the properties to their distribution network for orders placed through amazon.co.uk. The sites are located in Leicestershire and Surrey, both are on 10-year leases and total 52,200m² of warehouse space.
