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EUR15 m loan to help develop Poland's warehouse market
Strengthening its efforts to help develop the property market in Poland, the EBRD is lending €15 million for the construction of Europa Park by Europa Distribution Center Sp. z o.o. (EDC), a distribution and light industrial development on a greenfield site in an industrial zone in Mszczonow, near Warsaw. Once complete, the center will comprise at least 15 buildings, providing over 300,000 square metres of warehouse, light industrial and distribution space.
EDC has already sold sites for three warehouses in Europa Park on a build-to-suit basis, while a fourth has been built to let. A fifth unit is currently under construction with completion anticipated in May 2004. Studies suggest significant potential for the warehouse and logistics sector in Poland, anticipating demand for modern storage to exceed supply in the region outside Warsaw for a sustained period. Demand for modern storage space is projected to increase further after Poland’s accession to the EU in May 2004.
At a press conference in Warsaw, Tadeusz Syryjczyk, who represents Poland on the EBRD’s Board of Directors, said the timely development of the warehouse and logistics market is crucial for EU accession countries such as Poland fully to benefit from integration into pan-European distribution networks. The EBRD’s Director for Poland, Irene Grzybowksi, added that the Bank remains committed to the country and is actively pursuing new investment opportunities. Since its establishment in 1991, the EBRD has invested €2.7 billion in Poland, Grzybowski noted.
EDC Management Board Member Richard Lewis added that EDC are pleased to have obtained this new facility from EBRD as it will enable the rate of construction at Europa Park to be stepped up significantly over the next two or three years.
The warehouse center under construction in Mszczonow benefits from excellent traffic connections. It offers direct access to two vital arterial routes, has railway connections to the Polish railway network, and enjoys direct rail access to the main Berlin to Moscow line. The area has already proven a popular location for a number of warehouse, light industrial and logistics occupiers.
The loan to EDC represents the EBRD’s second investment in the Polish property market this year. In March the Bank signed an agreement with Dom Development S.A.(Dom) to support the development of residential property in and around Warsaw. All of the ultimate shareholders in EDC also hold shares in Dom’s parent company and have taken a long-term view of their property interests in Poland.
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