Mirae Asset close to buying Carrefour-leased new logistics center in Poland
Feb 23, 2018 (Gmt+09:00)
Samsung shifts to emergency mode with 6-day work week for executives
CJ CheilJedang to sell feed, livestock unit for $1.4 bn
Samsung Electronics' key M&A man returns; big deals in the offing
Affinity to buy SK Rent-a-Car at $572 mn, more deals expected
Keppel REIT to sell Seoul-based prime office T Tower
Mirae Asset Global Investments Co. Ltd., a leading South Korean asset manager, is close to acquiring a new logistics center in Poland for an estimated 50 billion won ($46 million), which French retailer Carrefour S.A. will lease for 10 years.
Mirae Asset has recently signed a preliminary agreement with a Polish real estate developer to buy the property for expected annual returns of around 10%.
It is now tapping South Korean institutional investors to raise a fund for the purchase by the time when the construction is finished, according to investment banking sources on Feb. 22.
“Logistics centers in Poland yield returns of around 10% a year, nearly double that in developed European countries’,” one of the sources told the Korean Investors.
Carrefour, one of top hypermarket chains in Poland along with Britain’s Tesco, will lease the storage and attached facilities under a 10-year agreement. It will use the warehouse to store goods supplied to its outlets in Lodz in central Poland and nearby areas.
The property is located in Rawa Mazowiecka in Lodz province. It will consist of a storage facility with a floor space of about 65,000 square meters and a 1,500-square-meter office.
The construction will begin in March to be finished by the end of this year.
Poland is becoming a key logistics center of Europe thanks to low labor and land costs and its proximity to Germany.
In 2016, two South Korean financial institutions -- NH Investment & Securities Co. Ltd. and Hana Financial Investment Co. Ltd. -- bought Amazon’s logistics facility in Poland for 100 billion won.
In the same year, Korea Investment & Securities Co. Ltd. purchased a logistics center of Amazon in Wroclaw, Poland for 93 billion won.
Amazon said last year that it planned to open its fifth logistics center in Poland as it is expanding operations in Europe.
By Daehun Kim
daepun@hankyung.com
Photo: Getty Images Bank
Yeonhee Kim edited this article
-
Private equityPrivate markets open to more high-net-worth individuals: Hamilton Lane
Apr 16, 2024 (Gmt+09:00)
-
InfrastructureInfrastructure secondaries continue to rise amid inflation: Stafford
Apr 09, 2024 (Gmt+09:00)
-
Private equityCarlyle’s Rubenstein sees commercial real estate undervalued
Apr 08, 2024 (Gmt+09:00)