Europa Capital and White Star Real Estate have launched a new logistics platform on behalf of the value-add Europa Fund VI.
Known as the Central European Logistics Platform, it has acquired a 15-hectare site in Hungarian capital Budapest where it will fund the development of an urban logistics project, Park22.
Europa said the platform has a target GAV of €150 million. It will target standing logistics and urban warehousing assets and development opportunities in strong locations that interconnect the region’s largest cities such as Budapest, Vienna and Bratislava.
Park22 be built in phases that will provide a total of 61,400 sq m in six units ranging from 6,452 sq m to 15,081 sq m.
A BREEAM ‘very good’ rating is being sought and the project will include LED lighting, energy use monitoring and EV charging stations.
The building will be constructed using timber and timber-based materials.
“Park22 presents an opportunity to invest in a high quality project which offers amenities as well as strong transport links,” said Europa Capital partner and head of investments Robert Martin. “Budapest is experiencing a shortage of logistics supply, with a vacancy rate of below 4%, and we believe Park22 will prove an attractive location for both third party logistics players and e-commerce businesses. We have been active in the CEE region for a number of years, recently re-entering the Hungarian market with the acquisition of the Akadémia Business Center in Budapest earlier this year.”