REINO finalizes its first transaction
The Management Board of REINO Capital S.A. announced that on June 18, 2020, an agreement was concluded for the acquisition of a logistics center operating under the name Logistic City located in Piotrków Trybunalski. The Center includes properties with warehouse halls covering an area of approx. 135,000 sq m. As part of the same investment project, further warehouse facilities are planned to be built on the site of subsequent properties. The final leasable area of the Center may amount to over 400,000 sq m.
The buyer is a special purpose vehicle belonging to POLISH LOGISTICS (UK) LLP, an investment platform for the warehouse market, established with the participation of Grosvenor Group, one of the largest private investors in the global real estate market, managing assets worth over 11.9 billion GBP, and REINO IO Co Invest LLP, which is a joint venture of REINO Capital S.A. and IO Asset Management.
The transaction was partially financed by a bank loan granted to the Buyer by BNP Paribas Bank Polska S.A.
The transaction is of significant importance for REINO Capital S.A. in particular due to the role of REINO IO Logistics Sp. z o.o., a subsidiary established as part of a joint venture with a minority stake held by IO Asset Management, one of the leaders in the British warehouse market. REINO IO Logistics plays a key role as an asset manager within the logistics platform.
For the target value of the project obtained after the completion of subsequent phases, the constant annual revenue of REINO IO Logistics from asset management services should amount to approx. 1.5 million EUR.
The transaction is also of decisive importance for the further development of the POLISH LOGISTICS platform, within which an investment portfolio in the Polish logistics real estate market, currently perceived as one of the most attractive in Europe, is to be created within 12 – 18 months.
