Cromwell signs Grupo Antolin at Žilina Industrial Park in Slovakia
Real estate investor and manager Cromwell Property Group (Cromwell) has, on behalf of Cromwell European REIT (CEREIT), signed a 5,044 sqm, five year lease renewal with Grupo Antolin at the Žilina Industrial Park in Slovakia.
This is the first lease Cromwell has signed at the park since it was acquired by CEREIT as part of a portfolio of 11 logistics assets located in Slovakia and the Czech Republic earlier this year.
Žilina Industrial Park is a modern, single let industrial building that is part of the greater KIA MOTORS automotive area in Zilina, the main industrial hub in the upper Váh river basin region. The town has a fast-growing economy and is recognised as the business centre of north-west Slovakia with large retail and construction sectors. Additionally, the region has a university with several technical faculties including a Science and Technology Park, which are involved with the development and support of new companies, especially in the technology field.
The location is also well connected to major conurbations including Bratislava, Vienna and Budapest via the D1 motorway and is located close to the main railway corridor.
Grupo Antolin is a subsidiary of Spain’s Grupo Antolin, one of the largest players in the car interiors market internationally and number one worldwide supplier of headliner substrates (car components). The Group manufactures automotive interior parts for neighbouring Tier1 and OEM companies belonging to Hyundai/Kia group.
David Svoboda, Head of Asset Management Czech Republic & Slovakia at Cromwell Property Group, commented: “To have completed this letting at Žilina Industrial Park in Slovakia so soon after taking over management of the building is testament to the quality of this fully-let asset, as well as its location in one of the most important industrial areas in the region. There is currently a significant undersupply of good quality, modern logistics assets in the region, which ensures a vibrant occupier market for well-located and fitted out assets.”