TUP Property, the real-estate arm of the TUP investment group, has signed a letter of intent to purchase over 33 ha of land designated for industrial development. The plot is located 1.5 km from the center of the Silesian city of Tarnowskie Góry, close to the main road from Katowice to Poznań, the A1 highway and Pyrzowice airport.
The area already hosts a number of firms operating in the logistics sector and close 50,000 sqm of functional space is on offer. TUP hopes to build its own center for the loading and unloading of goods from rail to road transport, in addition to a warehouse complex. The company expects logistics firms to lease the facility.
"The Silesian agglomeration is an excellent location for large-scale logistics centers serving the Central European market," declares Robert Jacek Moritz, TUP's president. "The plot we intend to acquire assures transport accessibility for trucks to both the center and the railway-cargo facility. We are planning the construction of several new buildings on the site in addition to modernizing existing structures, and we are already in talks with a number of potential clients. The development will expand our leasing portfolio, providing stable, long-term gains for the group," he says.
The deal is part of the group's aggressive expansion strategy, following on the heels of a nation-wide project known as "Projekt Concorde," which comprises 12 commercial properties across Poland purchased from Concorde Investissement. The sale of ten of these sites, worth a total of zł.93 billion, has been finalized. Contractual conditions for the remaining two (located in Tychy and Kołobrzeg) are still undergoing negotiation. All but one of the properties are already fully-leased and the company projects an annual income of some zł.8 million for the entire leasing portfolio for the properties.
TUP's projected net profit for 2007 is estimated at zł.28 million, taking into account the sale of the company's Modena Park residential development in Poznań.
