(WARSAW, POLAND) Hines, the international real estate firm, is pleased to announce that on behalf of IGIS Asset Management („IGIS”), it has completed the acquisition of the Zalando Lounge distribution center in Ameryka near Olsztynek. Hines will be the Asset and Property Manager, providing a comprehensive service for IGIS and investors represented by IGIS.

The asset is a fully commercialized built-to-suit investment with a warehouse area of 120,000 square meters. The occupancy permit was obtained in January 2019 and the facility’s sole tenant is Zalando, which in Olsztynek has located the European distribution center for the Zalando Lounge concept.

“We are very pleased to have advised IGIS Asset Management on the first acquisition on the logistics market in Poland. We are very excited by the mandate for asset and property management services that Hines Poland has been entrusted,” says Przemysław Iznerowicz, Managing Director, Hines Poland.

“We have seen the Polish logistics market thrive for quite a while; therefore, I am confident that investing in this type of real estate is a very good business decision. In fact, just like offering the role of Asset and Property Manager to Hines, which has been present in the Polish market for years and has unique competences and experience; from our point of view, this is of crucial significance,” added Seihyun Kwon, Senior Vice President at IGIS Asset Management.

The purchase of the warehouse was financed by PKO Bank Polski S.A. bank. The deal was supervised by the law firm of Dentons, the advisory firm EY, and Arcadis Polska.

About Hines
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 214 cities in 24 countries. Hines has approximately $120.6 billion of assets under management, including $66.5 billion for which Hines provides fiduciary investment management services, and $54.1 billion for which Hines provides third-party property-level services. The firm has 128 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,348 properties, totaling over 444 million square feet. The firm’s current property and asset management portfolio includes 512 properties, representing over 223 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.

About IGIS Asset Management
(“IGIS”) is an independent global real estate investment company. Its vision is to constantly seek opportunities to grow its clients’ capital and to generate returns through various strategies based on long-term risk and market cycle analysis. IGIS is the largest Korean real estate asset manager. Sponsor of its activity is NH INVESTMENTS & SECURITIES CO., LTD.