Eika Asset Management (EAM), an investment management company belonging to the EIKA group, has signed an agreement with the Polish development company Waimea Holding for the construction of logistics warehouses in Poland. According to the signed agreement, the project consists of three development phases. The first phase of the project will cover 7.54 hectares of land, 38 thousand sq. meters of leasable area. The amount of investment in the first phase will reach more than 25 million euros.
The constructed warehouses will be used for logistics or light manufacturing. According to EAM, they will meet the BREEAM high quality standards of the international certification system and other requirements for modern logistics. The designed “clean” height of these logistics warehouses is 12 m.
“The success of this project is based on its very convenient location in Warsaw, close to Modlin Airport and other important transport arteries. In addition, we will be able to offer tenants a very competitive rental price for a building that is sustainable and meets modern standards,” says Paulius Stulgaitis, Head of Investments at EAM.
According to him, this first logistics project developed by EAM in Poland will provide investors with the opportunity to participate in the real estate development market and thus achieve a higher investment return.
After the first phase is completed, further phases will be decided. The entire project is planned to cover more than 23 hectares of land, approximately 117 thousand sq. meters of leasable area, and the amount of investment in it will exceed 70 million euros.
The project will be developed by Waimea Holding, which will advise EAM on all aspects of development and leasing. Waimea has been operating in the market for 14 years, providing logistics park development, management, leasing and sales services. The company has currently developed approximately 300,000 sq m of logistics warehouse space and has secured more than 2 million sq m of land for further development of logistics parks.
The Nowy Modlin project in North Warsaw will have a very attractive and fast access to the newly developed road infrastructure of Warsaw and North-Eastern Poland (S7 road Gdansk-Warsaw) and Modlin Airport. The company firmly believes that North Warsaw will become an increasingly important secondary market for Warsaw, with good development prospects in the coming years.
Stulgaitis says that such cooperation shows that EAM is valued as a strong and reliable real estate business partner in the Polish market.
“The Polish warehouse market is the fifth largest in Europe, covering more than 32 million square meters – we see this as a sign of market maturity. In Poland, logistics rental prices began to grow strongly in 2022 and 2023 due to the insufficient supply of modern logistics space. The current reality is that today construction prices in Poland have significantly decreased, which allows us to offer competitive rental prices in new projects, while maintaining investment returns. We believe in the Warsaw region – this is one of the most attractive regions in Poland, with the largest areas for logistics warehouses in the entire country. The Polish, and especially Warsaw, logistics market is characterized by strong tenants with the highest credit ratings, so we will seek to attract the best partners to this project. To date, we are receiving inquiries from well-known and strong global companies, so we hope to bring them together in this project,” says P. Stulgaitis.
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