News Article Grosvenor industrial investment IO Asset Management joint venture Lodz logistics Poland Reino
by Property Forum | Investment

London-based investor Grosvenor’s Indirect Investment team has expanded its portfolio in the logistics sector with a move into Poland. Grosvenor is the cornerstone investor of Polish Logistics LLP, a new investment vehicle established by IO Asset Management, the specialist manager of industrial real estate, and Reino Capital, a real estate holding company listed on the Warsaw Stock Exchange. Polish Logistics LLP has acquired Logistic City in the established logistics location of Piotrków, south of Łódź, from a private investor.

Logistic City comprises 135,000 sqm of built and leased space and development land with the potential for a further 300,000 sqm of build-to-suit space. The built space comprises four units, let to seven tenants. The main tenant, occupying half of the space, is Jysk, the Danish retail chain.

The Polish Logistics LLP investment vehicle will be managed by Reino IO Logistics, a joint venture that draws upon Reino’s local market presence and IO’s specialist industrial real estate expertise.

Polish Logistics LLP intends to expand its portfolio through the acquisition of both standing investments and land for build-to-suit developments.

Andy Yates, Investment Director, Indirect Investment at Grosvenor Group, said: “We are pleased to have made this first acquisition in our new venture. Whilst this is the first partnership with Reino, it is our third partnership with IO, and we believe the combination of local market knowledge and sector expertise is very powerful. We look forward to building on this initial investment over the coming months.”

Angus Scott-Brown, Managing Partner of IO Asset Management said: “‘The logistics market in Poland is particularly attractive due to its location, size and growth potential. It is a natural direction of development for both IO and our investors”.

Dorota Latkowska, CIO of Reino Capital said: We want to make Logistic City and its expansion the foundation of our logistics investment programme in Poland. We are ready to significantly expand our logistics portfolio within the coming months, as we have identified several investment opportunities”.

Savills and Linklaters advised Polish Logistics LLP and Axi Immo advised the vendor.