Entering new geographies to diversify our portfolio
Increasing our investment in the logistics sector with a move into Poland
In June 2020, we became the cornerstone investor of Polish Logistics (UK) LLP, a new investment vehicle established by IO Asset Management, the specialist manager of industrial real estate, and REINO Capital, a Warsaw-based real estate holding company listed on the Warsaw Stock Exchange.
Polish Logistics’ first acquisition was Logistic City Phase I, 135,000 sq m of existing warehousing in an established logistics location of Piotrków. Phase I contains four buildings let to seven tenants, with the Danish retail chain Jysk occupying half the current space.
Since the acquisition of Logistic City Phase I, the partnership has reduced current vacancy rates by 3.2%. Furthermore, in November, Polish Logistics purchased Phase II development land, which is a parcel of Logistic City’s surrounding land which will be turned into further warehousing with lettable space of approximately 40,000 sq m.