News Article Hines industrial investment Korea logistics Poland
by Property Forum | Investment

Hines, on behalf of Korean investors represented by IGIS Asset Management, has completed the acquisition of the Zalando Lounge distribution centre in Ameryka near Olsztynek. Hines will be the asset and property manager, providing a comprehensive service for IGIS and investors represented by IGIS.

The asset is a fully commercialized built-to-suit investment with a warehouse area of 120,000 square meters. The occupancy permit was obtained in January 2019 and the facility’s sole tenant is Zalando, which in Olsztynek has located the European distribution centre for the Zalando Lounge concept.

 “We are very pleased to have advised IGIS Asset Management on the first acquisition on the logistics market in Poland. We are very excited by the mandate for asset and property management services that Hines Poland has been entrusted,” says Przemysław Iznerowicz, Managing Director, Hines Poland.

“We have seen the Polish logistics market thrive for quite a while; therefore, I am confident that investing in this type of real estate is a very good business decision. In fact, just like offering the role of asset and property manager to Hines, which has been present in the Polish market for years and has unique competencies and experience; from our point of view, this is of crucial significance,” added Seihyun Kwon, Senior Vice President at IGIS Asset Management.

The purchase of the warehouse was financed by PKO BP bank. The deal was supervised by the law firm of Dentons, the advisory firm EY, and Arcadis Polska.