Generali Real Estate has completed the acquisition of MDC2 Park Kraków South

by   CIJ News iDesk III
2022-09-21   10:48
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Generali Real Estate has completed the acquisition of MDC2 Park Kraków South, a core logistics development project in Poland, located in Skawina, Kraków area, on behalf of the pan-European “Generali Real Estate Logistics Fund” (GRELF) managed by Generali Real Estate S.p.A Società di gestione del risparmio. The development will be carried out in collaboration with MDC2, a sustainable warehouse and logistics space developer operating on the Polish market.

MDC2 Park Kraków South is a development project for a distribution and logistics hub, which will be developed in three phases and comprise three buildings, for a planned total GLA of more than 90,000 sqm, over a 19 ha land area. The development project is strategically located in Skawina, a well-established and sought-after logistics location in close distance to the Kraków city centre, at the junction of key international logistics corridors and motorways.

In line with Generali Real Estate focus on sustainability, MDC2 Park Kraków South is designed with ESG at its core, and aims to reach the BREEAM New Construction Excellent certification thanks to the best practices and requirements in terms of sustainable construction, e.g. construction materials 95% recyclable, and PV-ready roofs.

Pierre-David Baylac, Head of Logistics at Generali Real Estate, commented: “After entering the Polish logistics market in 2021, with successful acquisitions in Gdańsk and Kraków, we are happy to consolidate our position in Krakow, one of the most sought-after logistics markets in the country. This development project will enrich the GRELF Fund portfolio, mainly composed of logistics parks in France, Italy and Poland, with a new park fully in line with our high-level sustainability requirement.”

“We have selected this development due to its outstanding location but also a very low availability of industrial space in this part of Poland.” – said Maciej Madejak, Chief Development Officer of MDC2. “We will also make sure the project meets the highest standards of sustainable development and will serve the tenants for years to come.”

The operation confirms the Generali Real Estate commitment in the logistics segment and marks its third logistics acquisition (and the first development project) in Poland. The GRELF fund is dedicated to this highly specialized investment strategy, targeting high-quality core logistics assets in well-established areas with excellent accessibility, near major European logistics hubs.

The acquisition also proves the increasing importance that Central and Eastern Europe plays in the Generali portfolio strategy; in the CEE Region, Generali Real Estate currently manages a portfolio worth around €1.3 billion.

Generali Real Estate was advised by Greenberg Traurig, PWC, Gleeds and Knight Frank. MDC2 was advised by Dentons, Savills and ARC Capital Markets in the transaction.