7R and Hillwood have finalized a joint venture sale of a warehouse facility to a fund managed by GLL Real Estate Partners. The warehouse building is a build-to-suit (BTS) project for a leading European e-commerce platform. Last year, 7R and another fund managed by GLL Real Estate Partners concluded a larger warehouse portfolio transaction in the Central and Eastern Europe region. Cushman & Wakefield advised the purchaser in both of those acquisitions.
The divested warehouse is the largest building in 7R Park Kraków, offering approx. 41,000 sqm of usable space. It was adapted to the needs of an e-commerce tenant’s logistics operations and was commissioned for use in July 2019.
“This transaction, which is our second with GLL Real Estate Partners in five months, is another success story for 7R. We are experienced in providing customized BTS warehouses projects for e-commerce customers. These properties offer solutions such as multi-level construction and mezzanines, as well as automated conveying and sorting systems. High-tech warehouses tend to have lease agreements of ten or more years, which obviously guarantees stable returns for the investor,” says Tomasz Lubowiecki, President of the Board at 7R.
The 7R Park Kraków logistics complex consists of nine warehouse buildings with a total area of over 180,000 sqm.