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Kappahl believes in Kraków again

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BIK sells two parks

Eurobuild CEE 23 April 2019

POLSKA Biuro Inwestycji Kapitałowych has signed preliminary with American fund manager Exeter Property Group for the sale of Śląskie Centrum Logistyczne in Sosnowiec and Centrum Logistyczne Kraków II.

The pricefor both properties is app. PLN 90 mln excluding VAT. Exeter makes the purchase through a special-purpose vehicle MIR Poland. The completion of both transactions is planned by June 28th. Śląski Centrum Logistyczne in Sosnowiec consisting of hall 1, 3 and 4 has been valued at almost EUR 15.2 mln net. This is the largest investment project executed by BIK. A total of 46,500 sqm of storage halls have been built up to date on a 9.5-ha plot, 2,000 sqm of which is intended for office and social areas.

The buyer is to pay around EUR 5.8 mln net for Centrum Logistyczne Kraków II. It is located in the industrial part of Kraków – the Rybitwy district, only 1.5 km from the eastern bypass of Kraków. The building has 11,000 sqm, 10,000 sqm of which is used for storage purposes and the remaining area of almost 1,000 sqm is intended for social and office purposes. BIK intends to designate part of the proceeds from sale to further investments primarily in new logistics projects but also retail parks. “Our long-term strategy is to sell well-leased and well-established facilities at values ​​guaranteeing an above-average rate of return to shareholders. The amounts obtained for these two parks fully meet the expectations of our shareholders,” said Mirosław Koszany, the CEO of Biuro Inwestycji Kapitałowych. The BIK Group currently manages three logistic parks: Centrum Logistyczne Kraków I, Centrum Logistyczne Kraków II and Śląskie Centrum Logistyczne in Sosnowiec with ​​67,800 sqm of gross leasable area. As part of the business diversification, it also deals with the construction and leasing of modern retail space in the segment of retail parks. The company's portfolio comprises the Retail Park Karpacka in Bielsko-Biała with almost 7,000 sqm of leasable area and the Nad Potokiem shopping centre in Radom with 5,200 sqm of usable area. Exeter Property Group is an investment fund manager based in Philadelphia, specialising in the acquisition and leasing of warehouse and office properties. In March 2016, the company announced that it is in agreement with the Singapore GIC fund to jointly invest EUR 300 mln in European office warehouses. In 2016 Exeter Property Group purchased five logistics properties with a total of ​​52,700 sqm, which are located in various parts of Poland while the 64,000 sqm North-West Logistic Park warehouse and production centre with four industrial halls Kappahl again believes in Kraków was purchased in 2017.

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