Develia joins forces with Hillwood
A huge logistics center with an area of at least 400,000 GLA is to be built in Malin near Wrocław. It is estimated that the value of the entire project will exceed 1.5 billion PLN.
Develia has signed a letter of intent for a joint venture cooperation with Hillwood Polska, which concerns the intention to carry out a joint investment located in Malin near Wrocław. A huge logistics park will be built along with the necessary technical and road infrastructure. The owner of the property on which the logistics center will be built is a subsidiary of Develia.The logistics center near Wrocław with an area of at least 400,000 GLA will be implemented in at least four stages. Therefore, the letter of intent provides for the phased sale of land to a special purpose vehicle in which Develia will hold a 25% stake. The developer estimates that the revenue from the sale of the entire land property will amount to approximately 35 million euros.
The project parameters will be determined based on a business plan adopted during the negotiation of the joint venture agreement. In addition to the revenue from the sale of the land, Develia will have a share in the profits from this project, which should be completed by 2029.
The logistics park in Malin near Wrocław will be the fifth warehouse center of Hillwood Polska in this area.
