PointPark Properties (P3) is to buy 627,000 square metres of logistics warehouses and associated development land in the Czech Republic from two funds advised by Tristan Capital Partners and VGP for EUR523 million.
The transaction follows P3’s acquisitions in Italy last month.
P3 is buying 11 logistics parks consisting of a total of 58 warehouses plus land offering the potential to develop a total of 125,000 sq m of additional space. The purchase, which is subject to contractual terms and regulatory approvals, means P3 will offer its customers a platform of more than 2.4 million sq m of logistics warehousing across continental Europe.
Ian Worboys, P3 chief executive, says: “This investment continues our expansion strategy as it strengthens the company´s position in the top rank of European logistics warehouse owners. The Czech Republic is a strategic market for us because it sits at the crossroads of the main transport routes between Western, Central and Eastern Europe. The assets we acquired in this transaction are situated in prime logistics locations and are amongst the most modern facilities in Europe. Combining the acquired facilities with our existing holdings means P3 now owns one of the largest networks of logistics parks across Europe and we can offer our extensive customer base even more real estate options.”
Prague’s Horní Počernice logistics park, the largest park in the Czech Republic, makes up roughly half of the portfolio that P3 has agreed to purchase. Horní Počernice is in high demand from diverse occupiers including retailers, notably those active in e-commerce, because it provides direct access to Prague’s city centre within a 10-minute drive from the park. It also has good connections to the rest of the Czech Republic, Germany and Poland via the capital city’s network of ring roads. The park offers scope for additional development, with consent to add 69,000 sq m of build to suit space.
The balance of the acquired portfolio consists of 27 class A warehouses that are spread across the Czech Republic in strategic locations such as Plzen, Liberec, Hradec Kralove and Olomouc.