Investment management company EIKA Asset Management (EAM) together with Europe’s largest logistics real estate developer Panattoni is preparing to start the next phase of construction of a logistics building near Warsaw. With preparatory work rapidly underway and almost complete, it is expected that the new building will be completed by early October this year.
“Two years of hard work have brought visible and wonderful results. This is the fruit of a long and consistent process of work, which pleases not only the EAM team, but also our investors. We believe that the unlocked opportunity to work side by side with Polish partners will allow us to keep Eika Real Estate Fund attractive to both existing and new investors,” says Andrius Uždavinys, Head of EAM.
EAM signed the agreement with Panattoni at the end of last year. Under the agreement, Panattoni is responsible for the development and construction of the logistics building in Poland, while EAM coordinates the financing of the project.
The building is planned to be built in the town of Sochaczew, located approximately 50 kilometers west of Warsaw. The property will occupy 28 thousand square meters, of which, upon completion, 50 percent will be leased by Pilkington Automotive Poland, a UK company whose activities include glass production, processing, automotive glass, solar module glass, etc.
The value of the development agreement is EUR 18 million, of which approximately EUR 7.0 million is an investment by the EAM-managed fund EIKA Real Estate Fund (EREF).
Currently, all work on the project is progressing according to plan or even ahead of schedule.
“Almost all preparatory and main stages of foundation installation have been completed at the facility – the ground has been leveled, the foundations have been laid and their concreting has been carried out. The majority of the soil filling and cement-reinforced base work has also been completed. The installation of engineering networks is also moving rapidly – the storm sewer is almost complete, and the installation of fire water supply has begun. A significant part of the prefabricated (reinforced concrete and steel) elements has already been assembled, thermal insulation and masonry work is underway. The installation of the steel roof structure has begun, and the site for the trapezoidal coating is being prepared. The installation of internal and external electrical networks, water supply and drainage system is still in the initial stage,” said Andrius Uždavinys, EAM General Director.+
According to him, the work is carried out quickly thanks to a well-selected team, regular communication between project managers, and active problem-solving: “While implementing this project, we see what it means to have real partners, when solutions are sought together in every situation and all synergy opportunities are exploited.”