Continental European industrial investor Tritax EuroBox has acquired a new logistics facility in Lodz, central Poland from developer Panattoni Europe for €55 mln.
The transaction volume reflects a gross initial yield of 5.8%.
The 101,555 m2 logistics facility is being constructed by Panattoni for DIY retailer Castorama in Strykow, a strategic zone 15km north-east of Lodz.
'We are delighted with our eighth investment for Tritax EuroBox plc, bringing our total invested to over €550 million,' said Nick Preston, fund manager of Tritax EuroBox.
'This modern high specification national distribution facility let off a low rent to a strong tenant covenant in Castorama and will generate an attractive income return for the next nine years.'
Phase I of the facility has a gross internal area of 49,379 m2 and should complete in May 2019. The entire scheme will eventually cover 101,555 m2.
'This is another example from a wide range of investment opportunities available in the logistics sector where Panattoni is a key developer and partner to investors and investment managers,' said Robert Dobrzycki, CEO Europe, Panattoni Europe. 'The market is driven by profound transformation of the global supply chain and manufacturing patterns.'