Eika Asset Management (EAM), the investment management company of Lithuania's Eika Group, has signed an agreement with Polish developer Waimea Holding for industrial developments in Poland.
The two companies have agreed on the development of a first warehouse park close to Modlin Airport in Warsaw that will include three phases. In the first phase, more than €25 million will be invested in warehouses with a leasable area of 38,000 sqm.
Upon completion, the project is expected to have a leasable area of around 117,000 sqm based on an investment north of €70 million.
The project has been prepared by Waimea Holding, who is also the Development Manager, supporting EAM in all aspects of development and leasing.
“The Polish warehouse market is the fifth largest in Europe with more than 32 million sqm, which we see as a sign of market maturity. In Poland, logistics rental prices had started to rise sharply in 2022 and 2023 due to insufficient supply of modern logistics space. The current reality is that construction prices in Poland are significantly lower today, which allows new projects to offer competitive rental prices while maintaining investment returns,” says Paulius Stulgaitis, Head of EAM Investments.
The warehouses will meet BREEAM green certification criteria and will target logistics and light manufacturing tenants.
Waimea has completed 300,000 sqm of logistics projects to date and currently has secured over 2 million sqm of land for industrial and logistics developments.
