Savills Investment Management has completed the acquisition of a 123,000 m2 logistics unit leased to Leroy Merlin in Piatek, near Lodz in Poland, from Invesco Real Estate.
The purchase was made on behalf of Korean institutional investors managed by Vestas Investment Management for €71 mln.
Leroy Merlin has consolidated its Polish logistics operations into the unit and has committed to occupy the building for 10 years. Panattoni reported in October 2019 that this unit was the largest single storey build-to-suit logistics facility developed in Poland to date.
Savills IM has completed the acquisition of the 123,000 m2 logistics unit, following the handover of the second phase of the asset to the tenant. The acquisition was structured as a forward commitment to purchase upon completion of the construction.
This latest acquisition brings Vestas IM’s European logistics AUM to €1 bn of which €470 mln is in partnership with Savills IM.
Savills IM were represented by Savills and Dentons, while Invesco Real Estate was represented by Greenberg Traurig.
John Palmer, head of Industrial Investment at Savills, Poland added: ‘The transaction underlines the attractiveness of Central Poland both for institutional investors and the occupier market. Central distribution centres of large retailers, manufactures and 3PLs consider this central location attractive for serving both their domestic and international clients and networks. From an investment fund perspective the location is core, in demand and highly sought-after.’
Petr Sramek, director of CEE Transactions at Invesco Real Estate commented: ‘We are pleased that we have encountered a very positive market environment with this logistics asset in Poland’s central logistics location. The successful sale is a reflection of the promising combination of a good asset with a stable, trusting long-term tenant in a strong location.’