Eika Asset Management (EAM), the investment management company of the Eika Group, has signed an agreement with Waimea Holding, a Polish development company, for the construction of logistics warehouses in Poland. According to the agreement, the project consists of three development phases. The first phase of the project will cover 7.54 hectares of land with 38,000 sqm of leasable area. The investment in the first phase will amount to more than EUR 25 million.
The warehouses to be built will be used for logistics or light manufacturing. According to EAM, they will meet the high-quality standards of the international BREEAM certification system and other requirements for modern logistics including a net storage height of 12m.
‘The success of this project is based on its convenient location in Warsaw, close to Modlin Airport and other major transport arteries. In addition, we will be able to offer tenants a very competitive rental price for a sustainable building that meets modern standards,” says Paulius Stulgaitis, Head of EAM Investments.
According to him, this first logistics project developed by EAM in Poland will give investors the opportunity to participate in the real estate development market and achieve a higher return on investment.
Once the first phase is completed, further phases will be decided. The project is expected to cover more than 23 hectares of land, around 117 thousand sqm of leasable area and an investment of more than EUR 70 million.
The project has been prepared by Waimea Holding, who is also the Development Manager, supporting Eika Asset Management in all aspects of the development and leasing. Waimea has been operating on the market for 14 years and provides services in the development of logistics parks, asset management of logistics parks, lease and sale of logistics parks. It has completed 300,000 sqm of logistics projects and currently has secured over 2 million sqm of land for industrial / logistics development.
The North Warsaw Nowy Modlin project will benefit from quick access to Warsaw and North-Eastern Poland through currently developed road infrastructure (S7 road Gdańsk – Warsaw) and proximity of Modlin Airport. We strongly believe that North Warsaw will be an increasingly important Warsaw submarket with good prospects for growth in coming years.
Stulgaitis says that such cooperation shows that EAM is considered a strong and reliable real estate business partner in the Polish market, adding:
‘The Polish warehouse market is the fifth largest in Europe with more than 32 million square metres, which we see as a sign of market maturity. In Poland, logistics rental prices had started to rise sharply in 2022 and 2023 due to insufficient supply of modern logistics space. The current reality is that construction prices in Poland are significantly lower today, which allows new projects to offer competitive rental prices while maintaining investment returns. We believe in the Warsaw region, which is one of the most attractive regions in Poland with the largest logistics warehouse space in the country. The Polish logistics market, and the Warsaw logistics market in particular, is characterised by strong tenants with the highest credit ratings, so we will strive to attract the best partners for this project. To date, we have received enquiries from well-known and strong global companies and we hope to bring them together in this project.”
