Investment management company EIKA Asset Management (EAM), together with Panattoni, Europe’s largest developer of logistics properties, are about to start the next phase of construction of a logistics building near Warsaw. With preparatory work progressing rapidly and almost completed, the new building is expected to be ready by early October this year.

Andrius Uždavinys, CEO of EAM:

Two years of hard work have produced visible and astonishing results. This is the result of a long and consistent process that not only pleases the EAM team, but also our investors. We believe that the opportunity to work side by side with our Polish partners will allow us to keep the EIKA Real Estate Fund attractive for both existing and new investors.

EAM signed an agreement with Panattoni at the end of last year. According to the agreement, Panattoni is responsible for the development and construction of the logistics building in Poland, while EAM coordinates the financing of the project.

The building will be located in the town of Sochaczew, approximately 50 kilometres west of Warsaw. The property will have an area of 28,000 square metres, 50% of which will be leased after development to Pilkington Automotive Poland, a UK-based company whose activities include the production and processing of glass, automotive glass, solar control glass and more.

The development agreement is worth EUR 18 million, of which approximately EUR 7.0 million is an investment by the EIKA Real Estate Fund (EREF), managed by EAM.

All development works are currently on schedule or even ahead of schedule.

Uždavinys:

Almost all the preparatory and main phases of the foundation work have been completed on site – the ground has been levelled, and the foundations have been laid and concreted. Most of the backfilling and cement-reinforced base work has also been completed. The installation of the utility networks is also progressing rapidly, with the storm water drainage system almost complete and the installation of the fire water supply system underway. A large number of prefabricated elements (reinforced concrete and steel) have been erected, and thermal insulation and masonry work is underway. The steel roof structure has started to be installed and the site for the trapezoidal coating is being prepared. The installation of internal and external electrical networks, water supply and drainage systems is still in its early stages.

According to him, a well-chosen team, regular communication between project managers and proactive problem solving are the keys to rapid progress: ‘During the implementation of this project, we are seeing what it means to have real partners, when solutions are sought together in every situation and all synergy opportunities are exploited’, he commented.