European industrial real estate specialist Panattoni, has bought 14.8- hectares in Central Poland to build Panattoni Park Stryków IV logistics project.
The logistics project, which will consist of 74,000 square meters and two buildings at full build-out, will be developed at the intersection of the A1 and A2 motorways. Construction kick-off is planned for Q3 2020.
Phase one of the logistics project provides for the development of 41,000 square meters, to be commissioned in Q1 2021.
Central Poland is the second largest warehousing market in the country, with a supply of 3,291,500 square meters as of the end of 2019, and one of the favourites among tenants.
The two major centres within the Central Poland market, Łódź and Stryków, have been going strong for years, and thanks to the strategic motorway junctions and close proximity to the capital city of Poland, they can offer favourable conditions for the logistics of the exchange of goods with domestic and international investors.
Panattoni has an excellent understanding of the potential offered by the region. Marek Dobrzycki, Managing Director, of Panattoni, says, “We have delivered more than 1,5 million square meters here, with approximately. 500,000 square meters in Stryków alone”.
He adds, “The acquisition of land and planned development of Panattoni Park Stryków IV is excellent news for many businesses operating not only in the industrial/logistics sector, but also in its business environment”.
Panattoni Park Stryków IV will feature 74,000 sqm of modern class A warehouse space spread across two buildings, with 106 loading docks, ground-level access gates, wide service yards, and parking facilities for 253 cars.
The design allows for flexible unit layout options, and that is why space at the park can be used for both logistics operations and light manufacturing. The logistics project will fulfil the criteria of BREEAM certification with a “VERY GOOD” rating.
The park will be built in the direct vicinity of the intersection of road no. 71 (Zgierz-Stryków) with national road no. 14 (Warsaw-Łódź) – near the Stryków junction on the A2 motorway. Panattoni Park Stryków is 2 km away from the intersection of the A1 and A2 (Łódź Północ junction). The location of the park is approx. 17 km from the Łódź city centre, tapping into the local labour pool.
Ex-DIY and garden center sold for €10m
Pan-European investor and asset manager, M7 Real Estate, has sold a 10,700 square meter former DIY and garden center, in Freiburg im Breisgau for around €10 million.
M7 acquired the vacant former DIY and garden center, constructed in 1998 on a 12,700 square meter site at Basler Landstrasse 10 – 16, in summer 2019 on behalf of its fund, M7 EREIP V.
The former DIY and garden center is by the busy B3 federal road, only 6.5 kilometres from the 63 Freiburg-Süd junction on the A5 motorway and also has very good local public transport connections. There is a bus stop opposite the site and the Freiburg-St. Georgen railway station is within easy walking distance.
Alyssa Huse, Managing Director of M7 Real Estate Germany, says, “M7 continues to acquire assets in the value-add sector and in the case of Freiburg, we acquired the property vacant with a view to investing in the property to improve lettability.
“The business plan for all of our assets is constantly reviewed and the offer to sell the building provided a good return to our investors and as such, M7 EREIP V chose the short term exit route for the asset.
“M7 continues to seek value-add opportunities across the warehousing, office and retail sectors.”
Historic office buildings bought back for €97m
Utility firm Iren has signed a purchase and sale agreement with REAM to acquire seven real buildings for tertiary use for €97m.
REAM bought the buildings from Iren in 2012 for €92m when a long-term rental agreement was in place.
The buildings will also be used as Iren’s group management offices.
The buildings are in corso Svizzera 95 in Turin, via SS Giacomo e Filippo 7 and via Carcassi 7r-9r in Genoa, via Nubi di Magellano 30 (two blocks) in Reggio Emilia and S. Margherita 6a road (two blocks blocks) in Parma.
Iren Chief Executive, Massimiliano Bianco, says, “The sale of the group’s historic properties had become necessary a few years ago and, with pleasure and pride, they become part of our real estate assets again. The repurchase operation of the historic Iren offices is set up with a view to optimizing the real estate portfolio which will allow, in the future, savings in rental rates.”
There is a zero impact on net financial debt as it has already been accounted for in the 2019 financial statements.
The widespread locations of the property across four provinces and three regions was a challenge for the working group, especially with the COVID-19 restrictions.
Consorto has total CRE listings worth 13.3billion