PointPark Properties (P3), a European logistics specialist owned by TPG private investment group and Invanhoe Cambridge real estate company, has purchased a portfolio of logistics parks in the Czech Republic for €523 million, or $690 million. P3 bought the portfolio from VGP real estate company and its joint-venture partner Tristan Capital Partners. According to a P3 press release, the portfolio includes 58 logistics buildings with a total of 627,000 square metres of lettable space spread across the Czech Republic in strategic locations such as Plzen, Liberec, Hradec Kralove and Olomouc. The logistics parks also benefit from good transport connections to Germany, Poland and Slovakia and are occupied by a diverse range of tenants, many of whom are leading suppliers to the European automotive industry. VGP has been retained by P3 to continue providing property and facility management services to the disposed portfolio.
"This investment continues our expansion strategy as it strengthens the company´s position in the top rank of European logistics warehouse owners," said Ian Worboys, P3 CEO. "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."
"As we have been recording an increasing demand for high-end and modern industrial properties in Germany and eastern Europe, now is an optimal time to sell and to re-invest the sales proceeds in new greenfield development projects," VGP Chief Executive Jan Van Geet said in a statement. VGP indicated that it will primarily reinvest its part of the sales proceeds in VGP's core markets located in the mid-European region and especially Germany.
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