18 June 2020
Grosvenor makes first investment in Polish logistics sector
Grosvenor's Indirect Investment team is the cornerstone investor of Polish Logistics LLP.
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 Lodz, from a private investor.
Logistic City comprises 135,000 sq m of built and leased space and development land with the potential for a further 300,000 sq m 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.
“The Indirect Investment team has created a number of successful partnerships in the industrial and logistics sector since our inception eight years ago and with the supporting, and ever firming, macro trends we continue to seek similar new partnerships and investment opportunities globally.”
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. The joint venture with REINO Capital is an excellent combination of experience and local competences, which are essential for the acquisition of new investment opportunities and the delivery of value to our investors”.
Dorota Latkowska, CIO of REINO Capital, said: “The fact that we have attracted Grosvenor for its first investment in Poland is evidence of its recognition and trust in our team. REINO, having a 10-year track record, is becoming a first choice investment partner and asset manager in the Polish real estate market for global investors.
“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 identfied several investment opportunities”.
About Grosvenor Group
Grosvenor Group is a privately-owned international property company.
With a track record of over 340 years, we develop, manage and invest with a purpose of improving property and places to deliver lasting commercial and social benefit.
This is achieved by adopting a farsighted perspective, by being locally engaged and sharing and benefitting from our international experience – we call this our Living Cities approach.
Through the activities of Grosvenor Britain & Ireland, Grosvenor Americas, Grosvenor Asia Pacific and Grosvenor Europe we diversify the Group’s property portfolio by geography, sector, activity, currency and management teams. Our Indirect Investment business further diversifies the Group’s property interests by backing specialist third-party management teams. It invests Grosvenor’s capital in Europe, North and South America, Australia and Africa.
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