Santander supports Lithuanian fund in building a warehouse in Poland

EIKA Asset Management is building a logistics center in Sochaczew for EUR 18 million. The investment is supported by Santander Bank Polska. Half of the facility’s space is already leased. Completion is scheduled for autumn.

A company managed by the EIKA Real Estate Fund, a property fund owned by the investment management company EIKA Asset Management (EAM), has signed a financing agreement with Santander Bank Polska. The funds obtained under the agreement will be used to finance the construction of a logistics center in Sochaczew, approximately 50 km west of Warsaw. The total investment will amount to EUR 18 million, of which about EUR 7 million has already been invested by the EIKA Real Estate Fund managed by EAM.

At the beginning of May, the building’s structure was already erected, the roof is halfway completed, walls are beginning to take shape, utility installations are underway, and the remaining work is progressing according to plan. Completion is scheduled for autumn this year.

“After several months of negotiations, Santander Bank Polska has shown confidence in our current project and offered competitive financing terms. Additionally, we have been closely cooperating with the bank since our first investment in Poland. We are already well-known and visible in the Polish market – we are successfully implementing several projects worth tens of millions of euros. Our partner, Panattoni, the largest logistics real estate developer in Europe, is also building trust in EAM among global financial institutions. Last year, we signed an agreement under which Panattoni is responsible for the development and construction of this logistics facility in Poland, while EAM is coordinating the project’s financing,” explains Andrius Uždavinys, CEO of EAM.

According to him, the facility is being built in a highly favorable logistics location, the land was acquired on advantageous terms, and the construction works are progressing as scheduled. Moreover, half of the 28,000 sqm of space has already been leased by Pilkington Automotive Poland, a branch of the world-renowned British manufacturer of multifunctional glass.

“At Santander Bank, we have a strong and experienced real estate team that closely monitors the market, seeks solutions, and explores potential growth areas. We respond responsibly to the changing needs of the market and support our clients. For several years now, modern logistics centers have been rapidly developing in Poland, especially in the Warsaw region, due to increasing demand for such facilities from both local and international companies. Although the current logistics market situation is challenging, experienced developers and investors such as EAM and Panattoni are successfully delivering and commercializing their new logistics centers. We appreciate EAM’s experience gained in the Lithuanian market and its current interest in Poland, and we are pleased to support the company in our market,” says Renata Grzonkowska, Director of Corporate Clients at Santander Bank Polska.

Santander Bank Polska is one of the largest private banks in Poland, serving over 7.4 million clients and employing around 11,300 people. It is part of the international Santander Group, which operates in 10 key markets across Europe and the Americas. Santander Bank was founded in 1857 in Santander, Spain, and its shares are listed on the stock exchange. In 2024, Santander Bank Polska’s total revenue amounted to PLN 17.1 billion.

Panattoni has been the largest logistics and industrial real estate developer in Europe for eight consecutive years. Over the past 39 years, the company has delivered projects totaling more than 23.5 million sqm in Europe and over 60 million sqm worldwide. Currently, Panattoni is working on new projects covering a total of 3 million sqm in Europe alone.

EAM is also implementing other projects in Poland. The company is constructing the first phase of a logistics warehouse complex near Modlin Airport, approximately 40 km from central Warsaw. A total of 117,000 sqm of leasable space will be built on a 23-hectare site, with the investment exceeding EUR 70 million.