EQT, the Sweden-based global investment organization specializing in private equity, infrastructure, and real estate, has completed a significant €120 million refinancing deal on a portfolio of logistics assets in Poland. The transaction marks one of the largest logistics-focused refinancings in Central and Eastern Europe in 2025, highlighting Poland’s growing importance in the regional industrial property market.
Deal Overview
The refinancing package was secured through a syndicate of European banks, including major financial institutions from Germany and Scandinavia. The capital will be used to repay existing loans, reinvest in asset upgrades, and optimize capital structure across the portfolio.
Key terms:
- Loan amount: €120,000,000
- Average financing cost: 5.1% per annum
- Loan term: 5 years
- Loan-to-Value (LTV): 57%
- Collateral: logistics parks totaling 210,000+ m²
- Estimated portfolio value: €210 million
The Assets
The refinancing covers a portfolio of five logistics parks strategically located across Poland:
- Warsaw (South Zone) – 65,000 m²
- Poznań (industrial hub) – 42,000 m²
- Katowice (Upper Silesia) – 38,000 m²
- Łódź (central corridor) – 41,000 m²
- Gdańsk (port logistics zone) – 24,000 m²
These properties are fully leased to major international tenants, including DHL, DSV, Raben Group, Amazon, and InPost Poland. The overall occupancy rate is 98%, ensuring a stable cash flow and minimal vacancy risk.
Rental Income and Yield Profile
The average rental rates across the portfolio range between €4.80 and €5.60 per m² per month, depending on location and asset quality.
- Annual gross income: approx. €13.2 million
- Net Operating Income (NOI): approx. €8.1 million
- Portfolio yield: approx. 6.1%
In the current market context, the portfolio is considered highly liquid and institutionally attractive, especially given continued e-commerce expansion and demand for last-mile logistics.
Why EQT Chose to Refinance
The refinancing aligns with EQT’s broader regional strategy. Poland remains a key logistics hub in Europe, and the refinancing aims to achieve several goals:
- 💸 Reduce cost of debt (previous rates were 6.3%–6.5%)
- ♻️ Free up equity for future acquisitions across Eastern Europe
- 🌱 Fund ESG upgrades including solar installations and green certifications
- 📊 Restructure balance sheet to reduce reliance on short-term credit
By strengthening its capital position, EQT positions itself to scale further in Poland and beyond.
Poland’s Logistics Market in 2025
Market Highlights:
- Total logistics stock: over 33 million m² (nationwide)
- Annual growth rate: approx. 7%
- Occupancy levels: 96%–98%
- Prime logistics yields: 5.5%–6.2%
- Construction costs: €450–€650 per m² (excluding land)
Poland is the largest logistics real estate market in CEE due to:
- Strategic location along EU transport corridors
- Well-developed infrastructure and competitive labor costs
- Booming e-commerce (domestic and cross-border)
- Presence of major global logistics operators and 3PL providers
Comparable Transactions in 2025
EQT’s refinancing aligns with several other major deals across Poland’s logistics market:
- GLP acquired a logistics hub in Lublin for €85 million
- Panattoni secured €160 million in development financing for new projects near Kraków
- Savills IM purchased an industrial portfolio in Silesia for €98 million
EQT’s €120M refinancing, with a 5.1% interest rate and LTV of 57%, is seen as market-aligned and competitively structured.
ESG and Modernization Strategy
A portion of the refinanced capital will be used to enhance energy efficiency and sustainability:
- Installation of solar panels (combined capacity: 3.8 MW)
- Targeting BREEAM “Very Good” or higher across all buildings
- Full LED lighting with smart motion detection
- Smart energy management systems for real-time monitoring
EQT expects these measures to cut operating costs by 7–9% annually, while boosting the portfolio’s attractiveness to ESG-conscious tenants and investors.
Outlook for 2025–2026
Analysts forecast continued growth in Poland’s logistics real estate sector, driven by:
- Accelerated nearshoring and reshoring from Asia to Central Europe
- High demand for build-to-suit (BTS) warehouses
- Expansion of urban logistics and last-mile hubs
- Strong appetite from private equity and pension fund investors
Total investment volume in Polish logistics real estate is expected to surpass €2.5 billion in 2025, and may reach €3 billion in 2026, provided market fundamentals remain solid.
Conclusion
The €120 million refinancing by EQT represents a strategic and forward-looking move in one of Europe’s most dynamic logistics markets.
✅ Key strengths of the deal:
- Conservative LTV ratio (57%)
- Attractive financing terms (5.1% interest)
- Nearly full occupancy across the portfolio
- Integrated ESG upgrade plan
- Strong growth potential in logistics returns
💡 In a climate of economic uncertainty and tightening financing, EQT demonstrates its commitment to Central and Eastern Europe, using Poland as a launchpad for scalable, sustainable logistics investments.
