Marvipol Development estimates that the sale of warehouse projects in Warsaw and Poznań is realistic in the horizon of H2 2025, according to Bartosz Puzdrowski, responsible for the warehouse segment. Ultimately, the company wants to remain active in this segment, although it will only increase its involvement when the projects are more profitable.
“They are constantly in the sales process, since we completed their construction last year. When can sales be expected? I would like to see them as soon as possible, while realistically it is the second half of next year, at the earliest. Because even if at the moment we are seeing increased interest from potential buyers and we are having discussions that seem to be promising, the sales process, including due diligence, tax interpretation, is still a minimum of six months. So at the earliest the second half of next year, possibly later,” Puzdrowski said at the press conference, referring to the completed warehouse projects.
In the presentation, the company said it currently has five projects. Two of them – Warsaw III and Poznań – are 100% completed and 92% and 94% leased respectively. The Łódź III project is 15% completed and 36% leased. In contrast, Łódź II and Katowice have building permits and are in the pipeline.
“As for the two plots of land with building permits, […] we are working on every option to liquidate these assets, and we do not exclude the sale of the plots with building permits themselves,” Puzdrowski said.
He declared that Marvipol does not want to withdraw from the warehouse segment after selling existing projects.
“[However] these projects have to earn double-digits, high double-digits, for it to make sense to do them. The moment we see the market moving in this direction, we will definitely increase our involvement. Whereas today the priority is to liquidate those assets we have in the portfolio,” he concluded.
In its 2023 summary, the company said that in the warehouse segment, the group ended the year with five developments with a total leasable area (GLA) of 244,000 sqm, two of which (in Warsaw and Poznań) are completed. Last year saw the start of the largest project in which the group is involved, located in Łódź, with 86,000 sqm of GLA. In the last quarter of 2023, the group booked the proceeds from the sale of a warehouse project located near Wrocław. The segment recognised a net loss of PLN 14.2 million in 2023, which consisted mainly of unrealised exchange rate differences related to the strengthening of the Polish currency.
Source: Marvipol and ISBnews
