Investment management company Eika Asset Management has signed an agreement with Panattoni. Under the agreement, Panattoni will be responsible for the development and construction of a logistics building in Poland, while EAM will coordinate the financing of the project. Half of the developed property will be leased to Pilkington Automotive Poland, one of Europe’s largest glass manufacturers.
The building will be located in the town of Sochaczew, about 50 kilometres west of Warsaw, and will occupy an area of 28,000 square metres. Around 50% of this will be leased to Pilkington Automotive Poland, a company headquartered in the UK whose activities are glass manufacturing and processing, including automotive and solar panel glass.
The value of the development agreement is ca. €18 million, of which approximately €7.0 million will be invested by the Eika Real Estate Fund (EREF), managed by EAM.
The Polish market is currently very attractive for investors, as the Polish logistics market is estimated to be the fifth largest in Europe. According to experts, it is currently experiencing a golden age – all indicators point to the stability and resilience of the Polish logistics market, with demand stabilising and the so-called big-box industrial buildings remaining popular with institutional investors.
According to Viktorija Orkinė, CEO of EIKA Asset Management, the partnership with Panattoni will enable EREF to expand its logistics portfolio in Poland, making the fund’s asset diversification even more attractive to investors: "We are always on the lookout for attractive cooperation opportunities that will allow us to carry out even more ambitious projects. In this case, developing a project with an experienced partner such as Panattoni allows both parties to benefit from their respective competencies: Panattoni in logistics development, EAM in asset and capital management. In this way, we can be sure that we are investing safely and that we will be able to generate even higher returns for our fund investors".
