Europa Capital, the pan-European real estate investment manager, in partnership with White Star Real Estate, has launched the Central European Logistics Platform on behalf of its latest value add fund, Europa Fund VI.
The platform has commenced with the acquistion of a 15 ha site on which it will fund the development of park22, an urban logistics park in Budapest, Hungary.
The platform, which has a target GAV of €150 mln, will target standing logistics and urban warehousing assets and ground up development opportunities in strong locations, which interconnect Europe’s largest cities in the region including Budapest, Vienna and Bratislava.
The phased development of park22 will deliver a total of 61,400 m2 of Grade A logistics space across six units ranging from 6,452 m2 to 15,081 m2, as well as office space, car parking and an extensive landscaped green area. Amenities will also include 24-hour security, access control and bicycle storage.It will target a BREEAM 'very good' rating.
Jason Oram, partner & fund manager at Europa Capital, commented: 'Our decision to launch a Central European logistics platform and fund the development of park22 reflect our view that a continuation of urbanisation trends will fuel ongoing demand for logistics space across Central Europe.
'We continue to see strong levels of occupier interest across our pan-European speculative development pipeline and look forward to partnering again with White Star Real Estate, with whom we worked on the development of the Malachowski Square office building in Warsaw, Poland, which we sold successfully in 2018 on behalf of our investors.'
This latest investment increases Europa Capital’s logistics development pipeline to c. 526,300 m2 across a diverse range of geographies inducing the UK, France, Germany, Hungary and Poland.
In total, Europa Capital has acquired 78 buildings in the industrial sector for a total of €547 mln since 2018.
