Kajima Properties Europe, the leading property investor, developer and asset manager, and global real estate investment manager Savills Investment Management, have launched a new strategic partnership with the completion of the acquisition of Panattoni Europe’s interest in the 144,880 sqm (1.56 million sq ft) Łódź City VI logistics park in central Poland.
The partnership between Kajima and Savills Investment Management (SIM) will continue to target increasing investor appetite from Asia for acquisitions in the European logistics sector. The deal also marks a renewed commitment by Kajima to grow its logistics assets under management in the region.
The rapid growth of e-commerce, accelerated during the Covid-19 pandemic, has fueled continued demand for logistics and distribution hubs across Europe. In Poland specifically, warehouse assets worth €1.46 billion were exchanged in Q1 2020, close to the total for all of 2019 which hit €1.48 billion. According to JLL, Asian capital sources accounted for approximately a third of 2019 transaction market volumes.
The deal marks a continuation of the successful development and investment activity by Kajima in Europe’s logistic sector, following the sale in January 2020 of two industrial assets in Komorniki, Poznan providing 87,000 sqm of logistic accommodation as part of a 280,000 sqm portfolio also acquired by clients of Savills IM. Beyond Poland, Kajima also announced their first warehousing and logistics park within Spain in May this year, and have recently acquired a logistics site in Rotterdam.
Dentons advised Kajima, DLA Piper and Savills advised SIM, and Greenberg Traurig advised Panattoni.