The Management Board of REINO Capital S.A., based in Warsaw, (“Issuer”) announces that on 18 June 2020 an agreement was executed to purchase a logistics centre named Logistic City (“Centre”), located in Piotrków Trybunalski. The Issuer had previously disclosed a preliminary sale agreement in current report 10/2020 of 1 February 2020.
The Centre comprises properties with warehouses totalling approx. 135 sqm.This investment project also encompasses the construction of further warehouses on additional properties.The Centre’s target area may exceed 400 000 sqm.
The buyer is a special-purpose vehicle owned by POLISH LOGISTICS (UK) LLP, an investment platform focused on warehouses formed by an alliance between Grosvenor, one of the largest private investors on the global real estate market, managing assets worth in excess of GBP 11.9 billion, and REINO IO Co Invest LLP, which is a joint venture of the Issuer and IO Asset Management.
The transaction was partly financed with a bank credit facility granted to the buyer by BNP Paribas Bank Polska S.A.
The transaction is of significance for the Issuer especially due to the role of REINO IO Logistics Sp. z o.o., a subsidiary of the Issuer, formed as part of a joint venture with a minority stake held by IO Asset Management, one of the leaders on the U.K. warehouse market. Within the logistics platform, REINO IO Logistics plays the key role of asset manager. An agreement concerning management of the acquired logistics assets was executed on 20 January 2020, as communicated by the Issuer in current reports 2/2020 and 3/2020.
Once all project phases are complete and the project reaches its target value, REINO IO Logistics will generate approx. EUR 1.5 million in revenue from asset management services per year.
The transaction is also of crucial importance to the further development of the POLISH LOGISTICS platform, within which – as envisaged by the Issuer and other entities involved – over 12-18 months an investment portfolio is to be developed for the Polish logistics property market, which is currently seen as one of the most attractive in Europe.
The Issuer considers this information as inside information in the meaning of art. 7 MAR due to the transaction’s significance to the Issuer’s strategy, validating the adopted assumptions.
Legal basis:
art. 17 sec. 1 MAR – inside information
