The Reico CS Long Lease fund managed by Prague-headquartered Reico, has inked a deal for a research and development centre in Krakow, Poland, for CZK 700 mln (€27 mln).
The asset, which is leased by automotive group supplier BWI Poland, consists of two sustainable, interconnected buildings, built in 2020. They comprise mainly laboratory and office space, but also 365 parking spaces.
It was acquired from a joint venture of US investment company InSite Real Estate and polish development company 7R.
'The BWI research and development centre is secured on a long term lease. The acquisition is a major milestone in expanding the Reico Cs Long Lease fund and a clear message for shareholders and business partners what to expect from the fund in the future,' says Tomáš Jandík, chairman of the board of directors of Reico IS.
The total lettable area of the buildings is almost 11,000 m2 and it is fully occupied. The sole tenant of the property is the multinational company BWI, which focuses on the development, production, and sale of suspension systems and other selected parts and components for the automotive industry.
The company's clients include brands such as BMW, Ford, Porsche, Audi, Ferrari, and Land Rover.
The property is located in the Malopolska Region, in the immediate vicinity of Krakow Airport, and located approximately 1 kilometre from the backbone A4 motorway, linking the country with Germany to the west and Ukraine to the east.
The centre of Krakow is approximately 20 km away. The newly erected building was built-to-suit BWI, which had operated in another Krakow location for many years.
The buyer was represented in the transaction by White & Case, TPA, Knight Frank, and Arcadis.
