News Article Invesco investment Korea Leroy Merlin Lodz logistics Panattoni Europe Poland Savills IM warehouse
by Property Forum | Investment

Savills Investment Management has completed the acquisition of the logistics unit leased to Leroy Merlin in Piątek from Invesco Real Estate, the global real estate investment manager, on behalf of Korean institutional investors managed by Vestas Investment Management.

The asset is located c. 40km north of Łódź, which constitutes Poland’s central logistics location and is within 2 km of the A1 motorway.  Leroy Merlin has consolidated its Polish logistics operations into the unit and has committed to occupy the building for 10 years. Panattoni reported in October 2019 that this unit was the largest single storey build-to-suit logistics facility developed in Poland to date.

The firm has completed the acquisition of the c.123,000 sqm logistics unit, following the handover of the second phase of the asset to the tenant.  The acquisition was structured as a forward commitment to purchase upon completion of the construction.  The total purchase price for the asset is approximately €71 million and adds to Savills IM’s assets under management in the country which are already in excess of €1 billion.

This latest acquisition brings Vestas IM’s European logistics AuM to c. €1 billion of which c. €470 million is in partnership with Savills IM.

Savills IM was represented by Savills and Dentons, while Invesco Real Estate was represented by Greenberg Traurig.

Photo: Kajima Poland